DBS forms new team to help F&B firms expanding abroad

It will help them understand the rental, manpower, and taxation of their target market.

DBS formed a new coverage team to support local retail food and beverage (F&B) and food manufacturing companies seeking to expand overseas.

“Even though Singaporeans eat well and dine out regularly, our customers tell us that F&B growth opportunities in Singapore are limited due to high manpower and rental costs. As a result, having cut their teeth in Singapore’s competitive F&B scene, they are exploring regional markets to grow their business,” said Joyce Tee, DBS Group head of SME Banking.

The new SME Banking coverage team is comprised of 15 relationship managers and credit specialists, and supported by two senior sector specialists from the bank’s Group Research team.

The team will provide F&B customers with their expertise on financial structures, cash management, and foreign exchange solutions to help them better manage their cashflow. They will also help the F&B firms understand the rental, manpower, and taxation of the countries they are planning to expand into.