DBS Bank will open sub-branch at Shanghai FTZ

China Banking Regulatory Commission gives approval.

DBS Bank (China) Ltd is among the first banks and one of the first two foreign banks to operate an outlet at the Shanghai free trade zone that was inaugurated on September 29.

The sub-branch will initially focus on servicing corporate clients in the FTZ thereby complementing and strengthening the bank's established network in Shanghai.

The new sub-branch at the FTZ will be the bank's tenth outlet in the city. DBS China currently operates nine outlets in Shanghai, the site of its headquarters.

DBS said the China FTZ is an important milestone in China's efforts to build an international financial centre and to reform its economy for longer term economic viability.