Singapore's DBS to open shop in Sydney

Singapore bank DBS has received regulatory approval to operate in Australia, and plans to open a branch in Sydney later this month. The bank will offer institutional banking services.

APRA's list of authorised deposit-taking institutions, last updated on 3 June, has an entry for DBS Bank Ltd, amongst more than 40 other "Branches of Foreign Banks".

DBS said in a statement that it would offer corporate finance, trade finance, cash management and treasury services.

Helen Yap has been appointed DBS Australia country head.

Yap said: "With DBS' high credit rating, strong capital position, comprehensive regional product platform, as well as Asian insights and experience, we believe that bank is well positioned to service Australian companies."

DBS has a partnership with Westpac that will allow DBS customers to use Westpac's ATMs.

DBS is South East Asia's largest bank by assets, according to Dow Jones. Its move into Australia gives it a presence in 18 markets around the world. It has a rating of AA- from Standard & Poor's and Fitch, and Aa1 from Moody's.

DBS Group reported a net profit of SGD1.3 billion for the March quarter, and has 21,000 staff.