DBS China’s registered capital to rise by close to 60%
CHINA, SINGAPORE, 11 April 2012 - DBS Bank announced today that to facilitate the expansion of its fast-growing China franchise, it plans to inject RMB 2.3 billion into DBS China, thereby increasing its registered capital by close to 60%. The capital injection is subject to the requisite regulatory approvals and will be the first time that the bank will be infusing additional capital into its wholly owned China subsidiary since RMB 4 billion was injected during local incorporation five years ago.
DBS China CEO Melvin Teo said, “As one of the first foreign banks and the first Singapore bank to be locally incorporated in China five years ago, DBS has come a long way and established a firm foothold in the areas of corporate banking, trade finance, cash management, treasury and markets, as well as wealth management. Notwithstanding the challenging economic climate, last year was a good year for the bank overall and for DBS China in particular. Our 2011 net profit doubled from a year ago, crossing the RMB 500 million mark for the first time."