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Singapore's DBS expects one third revenue from China

Feb. 15, 2012 (China Knowledge) - Singapore's DBS Group, the largest bank in Southeast Asia by assets, expects to reap 33% of its revenue from Greater China in the near term to enhance its presence in the fast-growing Chinese market, said CEO Piyush Gupta.

Revenue from China currently accounts for 29% of DBS's revenue worldwide, Gupta added.

At present, DBS owns 25 outlets, comprising 10 branches and 15 sub-branches, in mainland China. Early this month, the Singaporean group opened a Taiwan subsidiary to tap the rising cross-strait business.

Since 2007, DBS locally incorporated in China, the lender has more than doubled its staff to more than 1,600 and intends to increase the number to around 2,000 by the end of this year.

Under the circumstance of global economic slowdown, many well-known banks and securities firms have reduced staff in Asia, such as Bank of America Corp, UBS AG, Nomura Holdings Inc, Daiwa Securities Group Inc and Samsung Securities Co, sources reported.

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