DBS Bank opens Ho Chi Minh branch

Branch to meet increasing demand for banking services as companies expand in Vietnam and across Asia.

DBS Bank, Southeast Asia’s largest bank, on Wednesday opened its branch in Vietnam to meet a growing demand for integrated banking solutions and greater market connectivity by Vietnamese firms. The opening of the Ho Chi Minh City branch marks DBS’ next phase of growth in Vietnam, where the bank has been present since 2008. This move underscores DBS’ continued execution against strategy to grow its presence in Asia and strengthen its banking franchise in the region, according to a DBS report.

The opening was officiated by Peter Seah, Chairman of DBS Group Holdings; Piyush Gupta, Chief Executive Officer of DBS Group Holdings; Governor Nguyen Van Giau of State Bank of Vietnam; Vice Chair Madam Nguyen Thi Hong of People’s Committee Ho Chi Minh City; and Simon Wong, Ambassador of the Republic of Singapore to Vietnam.

DBS received regulatory approval to set up a branch in Ho Chi Minh City in January 2010. The establishment of the branch in Vietnam will further strengthen DBS’ footprint in Asia and spearhead the development of the bank’s wholesale banking business. DBS will support companies with business interests in Vietnam by connecting them to the bank’s extensive regional network and providing them with customised solutions. These include trade financing, receivables financing, remittance, cash management and capital markets access. Over time, the branch will also extend its product and service offerings to cater to SMEs and affluent individuals.

DBS Group Holdings Chief Executive Officer Piyush Gupta said: “Vietnam is increasingly seen as a land of opportunities amid economic reforms and growth. Indeed, many companies, including DBS, view Vietnam as an emerging market with excellent prospects. Just recently, Singapore and Vietnam companies signed some USD300 million worth of agreements to develop real estate projects here. With the rise of the middle class in Vietnam and Asia powering global economic growth, the future looks bright.”

Gupta added: “The opening of this new branch in Vietnam demonstrates DBS’ commitment to helping businesses expand within Vietnam and also across the region. DBS’ pedigree as a well-governed Singapore-headquartered bank reinforces our status as the safest bank in Asia and our network of more than 250 branches in the region places DBS in a unique position to help our customers leverage business growth and investment opportunities in Asia.”

In 2009, Singapore was Vietnam’s fifth-largest foreign investor. As of September 2010, Singapore’s private sector has invested in a total of more than 800 projects worth nearly USD18 billion in a wide range of sectors in Vietnam.
DBS’ vast experience in financing companies throughout Asia also means that the bank can better anticipate and meet cross-border financing needs. As Vietnamese corporations grow in the region, DBS can leverage on its strong connectivity in Asia and capabilities to help them with their business expansion.

The new branch in Ho Chi Minh City has 20 full-time staff. DBS also has a representative office in Hanoi, which was established in 2008.