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DBS' Shanghai FTZ Sub-branch Completes First Trade Financing Deal

January 29, 2014

ENP Newswire - 29 January 2014 Release date- 27012014 - DBS Bank ( China ) Limited ('DBS China') announced that its China (Shanghai) Pilot Free Trade Zone ('FTZ') Sub-branch has successfully completed the first trade financing deal by a foreign bank in the FTZ. Leveraging the FTZ's financial reform pilots and the bank's strong Asian network, DBS' cross-border foreign currency letter of credit financing solution helped Jeans International Trading Co. Ltd. from Zhejiang achieve its funding objectives as well as enhance capital efficiency between its overseas and domestic affiliates. Neil Ge , CEO of DBS Bank ( China ) Limited said, 'As a pioneer foreign bank to commence operations in the FTZ, DBS has been working closely with clients such as Jeans International to capture opportunities in the FTZ guided by latest policies and regulations. We look forward to further leveraging our strong Asian network to roll out solutions of great value to our clients as well as contributing to the development of the FTZ.' Zhang Lifa , President of Jeans Holding said, 'The solution offered by DBS has addressed our needs to manage funding cost and cashflow more effectively across the region. It has also paved the way for us to capture new opportunities from the FTZ and RMB internationalisation.' DBS China commenced its Shanghai Pilot Free Trade Zone Sub-branch operations on 7 January 2014 . It is the only foreign bank in the first batch of financial institutions to obtain approval to set up an outlet in the FTZ on 29 September 2013 and to receive operational approval on 31 December 2013 . About DBS DBS - Living, Breathing Asia 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: Greater China , Southeast Asia and South Asia . The bank's capital position, as well as 'AA-' and 'Aa1' credit ratings, is among the highest in Asia-Pacific . DBS has been recognised as ' Asia's Best Bank' by The Banker, a member of the Financial Times group, and 'Best Managed Bank in Asia-Pacific ' by The Asian Banker. The bank has also been named 'Safest Bank in Asia ' by Global Finance for five consecutive years from 2009 to 2013. DBS provides a full range of services in consumer, SME and corporate banking activities across Asia . As a bank born and bred in Asia , DBS also understands the intricacies of doing business in the region's most dynamic markets. These market insights and regional connectivity have helped to drive the bank's growth as it sets out to be the Asian bank of choice. DBS is also committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 19,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com


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Source: ENP Newswire


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