DBS to expand banking services in China

Southeast Asia's largest bank, DBS, announced Wednesday that it will invest 2.3 billion yuan ($364.83 million) to increase its presence on the Chinese mainland.

"If DBS is to become a leading bank in Asia, it must be a key player in the Chinese market," said DBS President Seah Lim Huat at a press conference.

The investment is waiting for approval by Chinese financial authorities.

Huat said DBS will stay focused on large enterprises and high-end customers in China.

"We cannot compete with national banks for average customers because of our limited number of outlets," he said. "We will be focused on areas that we are good at and serve the customers that best suit us."

However, Huat said, DBS has a cutting edge advantage in helping Chinese enterprises expand in Asia with its wide range of outlets in South Asia and Southeast Asia.

Huat said he has full confidence in the Chinese economy even though China lowered its economic growth to 7.5 percent this year.

"I do not have a concern over hard landing of the Chinese economy. The Chinese government is very good at managing the economy," Huat said.

Huat said DBS was planning to expand its business to other cities in the western part of China.

DBS opened a Chongqing branch in January, its first branch in the inland areas of China.