DBS China sets foothold in Shanghai FTZ
By Kathryn Chiu, The China Post
January 9, 2014, 12:00 am TWN
TAIPEI, Taiwan -- DBS China on Wednesday inaugurated its Shanghai Pilot Free Trade Zone (FTZ) sub-branch, making itself one of the first two foreign banks to get approval for setting up an outlet in the FTZ.
DBS Bank China (DBS China) announced that its China (Shanghai) Pilot Free Trade Zone (FTZ) sub-branch opened for business yesterday. Besides being one of the first two foreign banks to get approval for setting up an outlet in the FTZ on Sept. 29, 2013, DBS China is also among the first batch of foreign banks to receive operational approval for the Shanghai FTZ outlet.
With the opening of the FTZ sub-branch today, DBS China said it will continue to seek guidance from the government and regulators on the policies of the FTZ and work on product and service innovations that will create great value for its customers.
DBS China Chief Executive Officer Neil Ge (葛甘牛) said, "DBS is the only foreign bank that was in the first batch to get both the approval for setting up an outlet in the FTZ and the approval for commencing business for the FTZ outlet, which reflects our great expectations of the FTZ and our strong support in action to the successes of the FTZ."
Ge said working closely with related parties, DBS China has completed all the preparations for its FTZ sub-branch. "DBS China FTZ sub-branch's opening for business today further underscores our commitment that we will help customers to seize the growth opportunities from the FTZ, and contribute to the development of the FTZ," Ge said.