Singapore-based DBS Bank has received approval from the Australian Prudential Regulatory Authority to begin banking operations in Australia.
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The license will allow DBS to conduct institutional banking activities and offer the retail presence in Australia, expanding its presence to 18 markets around the world.
The bank will open its maiden branch in Sydney later in June 2015, to be headed by DBS Australia country head Helen Yap.
The new branch will provide corporate finance, trade finance, cash management and treasury solutions to Asian and international companies looking to expand in Australia besides supporting Australian firms looking for opportunities in Asia.
DBS CEO Piyush Gupta said: "Australia has been growing in importance as a trading partner of the Asian nations, and an Australia presence will further extend our ability to support our clients as they expand."
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By GlobalDataYap said: "With DBS’ high credit ratings, strong capital position, comprehensive regional product platform, as well as Asian insights and experience, we believe the bank is well-positioned to serve Australian companies."
