DBS on track to opening 50 outlets in China, to double workforce there

By ANGELA TAN


DBS Bank said on Friday that it is on track for 50 outlets in China by 2013, and plans to open at least eight new branches and sub-branches in the mainland by 2011.

The bank also said it plans to double its current workforce of over 1,000 employees in China, with hires primarily in the areas of consumer and institutional banking.

The new outlets will be established mainly in Shanghai, Beijing and Guangzhou.

In the first four months of 2011, three DBS China outlets were opened in Hangzhou, Shanghai and Beijing, bringing DBS' network in China to nine branches and 10 sub-branches.

In addition to expanding its branch network, as well as growing its consumer banking and institutional banking customer base, DBS China will be also deepening relationships through increased cross-sell of Treasury & Markets and Global Transaction Services products.