DBS launches local subsidiary in Taiwan

DBS Bank, Southeast Asia's largest bank, on Monday celebrated the establishment of its operations in Taiwan, which commenced operations at the beginning of the year.

The wholly owned subsidiary, DBS Bank (Taiwan), demonstrates the bank's intent to continue its growth momentum in the market, and underlines its Greater China strategy, which is to intermediate the increasing business, trade and investment flows between Taiwan, Hong Kong and the Chinese mainland, according to a bank spokesman.

To achieve its ambition of becoming the Asian bank of choice across Asia, the bank unveiled a nine-point strategic roadmap in February 2010, which includes entrenching its leadership in Singapore, re-energising Hong Kong and re-balancing the geographic mix of its franchise.

The lender is also focused on strengthening its regional wealth management business, small and medium-sized enterprises (SME), Treasury & Markets and Global Transaction Services business.

"One of DBS' strengths is that we have a growing footprint in the three key axes of growth, namely Southeast Asia, South Asia and Greater China. In Greater China, we are the only Singapore bank with a sizable footprint in Hong Kong, Taiwan, and the Chinese mainland. This allows us to offer seamless regional connectivity to our customers," said Peter Seah, DBS chairman.

In 2008, DBS acquired assets of Bowa Commercial Bank in Taiwan. The acquisition turned profitable in 2009 and bolstered the lender's presence in Taiwan from a single branch to 40 branches.

Between 2007 and 2011, DBS Bank (Taiwan)'s total revenues have grown about four times to NTD 4.7 billion ($158.77 million). Total loans rose by three times to NTD 158 billion and total deposits expanded by 18 times to NTD 172 billion. Staff headcount has surged to over 1,400.