DBS Bank wins approval to operate in Shanghai FTZ

DBS Bank, a Singapore-based financial multinational, said Thursday that its sub-branch in the Shanghai Pilot Free Trade Zone (FTZ) has won approval to start operations.

The branch obtained approval from the China Banking Regulatory Commission on Dec. 31 to commence operations, the bank said in a statement.

DBS Bank (China) is among the first round of financial institutions, and one of the first two foreign banks, to get approval to set up an outlet in the FTZ, it said.

DBS China's FTZ sub-branch is expected to start servicing customers in the beginning of this year, it said.

"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.

DBS is a leading financial services group in Asia, with over 250 branches across 16 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: China, Southeast Asia and South Asia.

In September of 2013, the China (Shanghai) Pilot Free Trade Zone (FTZ) was established as a national strategic trial to further tap market forces and push market-oriented trade and investment reforms.