DBS and BEA open branches in the FTZ

DBS and BEA open branches in the FTZ

On January 7th Singaporean DBS Bank and Hong Kong-based Bank of East Asia were two of the first foreign banks to officially open sub-branches in the Shanghai free-trade zone.

 Another six foreign banks have received approval from the China Banking Regulatory Commission and are preparing to open branches in the FTZ. So far the other six are HSBC, Citi, Deutsche Bank, Hang Seng Bank, ANZ, and United Overseas Bank.

The China Banking Regulatory Commission granted DBS Bank (China) the license on 31 December 2013. The bank is one of the very first financial groups and so far one of only two foreign banks, which has been granted approval to set up a sub-branch in the Shanghai FTZ. "The commencement of business by the DBS China FTZ sub-branch will help us seize new opportunities ahead, providing Asian connectivity to clients from the sub-branch," said DBS Bank (China) CEO Neil Ge.

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