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August 19, 2017

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DBS holds first board meeting in Taiwan

DBS Group Holdings (DBS, 星展銀行) has held its first-ever board meeting in Taiwan, bringing together nearly 30 DBS board directors and top executives from key Asian markets for the two-day conference that finishes today.

"We treat Taiwan as an important cornerstone for the Greater China strategy of the bank," DBS Group Holdings Chairman Peter Seah (余林發) stated. According to him, DBS holds its board meeting outside Singapore once a year, and they chose Taiwan because of the importance of the market.

"Also, we want to encourage (Taiwan's) team to work very hard, so we brought our board members here to spend time with them," Seah said with a laugh.

DBS Group Holdings CEO Piyush Gupta added that since DBS had been increasing its presence in Taiwan, it was useful to take the board to this country so as to get a sense of the situation on the ground. According to Gupta, several board members have been to Taiwan before.

Greater China Strategy

Seah stated that over the past year, DBS has deepened cross-border connections between China, Hong Kong and Taiwan.

DBS now has over 110 branches and 150 ATMs across China, Hong Kong and Taiwan, offering seamless regional connectivity to customers and playing an intermediary role in the region's increasing trade and investment flows.

"Taiwan is integral to our Greater China strategy," the chairman said.

Last year, DBS held its board meeting in China.

DBS was one of the first banks in Singapore and Hong Kong to provide yuan-trade settlement services. It also offers offshore yuan banking services such as the interbank foreign exchange market and deposits. To meet the yuan needs of its customers, DBS now provides offshore yuan-banking services in Singapore, Hong Kong and Taiwan.

DBS Bank (Taiwan) General Manager Jerry Chen (陳亮丞) said that as soon as the government in Taiwan opens the yuan-denominated domestic banking services, DBS Taiwan will be well-positioned to offer yuan services thanks to its branches in Hong Kong and Singapore. Indeed, Chen said the bank's yuan services will be at the same level as those the bank currently provides for other currencies.

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