Singapore’s DBS Bank to open office in Bangladesh

DBS Bank, a Singapore based multinational banking and financial services corporation, is going to open a representative office in Dhaka. 

The establishment of DBS Dhaka will provide further impetus to the bank's activities and greater market connectivity for the customers globally. This will bring the bank's international presence to 19 markets globally, said a press release on Wednesday.

However, the bank has already been active in Bangladesh providing trade finance and advisory, in addition to arranging mandates in project investments, it mentioned.

Tahsina Banu, who has more than 20 years of experience working in global banks in Bangladesh and the Middle East, has been appointed as the chief representative of DBS Dhaka.

Mentioning Bangladesh as an important trading partner to Singapore over the last two decades, the press release said, "In 2021, Singapore was the third-largest importing partner of Bangladesh, with imports amounting to about $2.4 billion. Singapore is also one of Bangladesh's top investors in the power, energy, transport and logistics, and port sectors."

Tan Su Shan, head of institutional banking at DBS Group, said, "As Singapore celebrates its 50th anniversary of establishing bilateral relationships with Bangladesh this year, it is an opportune time for DBS to invest in this rapidly growing market to build on the strength of our institutional and transaction banking franchise."

"Our representative office is part of our commitment to support our clients in their expansion plans in this region," he added.

DBS has been accorded the Safest Bank in Asia award by Global Finance for 14 consecutive years from 2009 to 2022. Besides, it was also named World's Best Bank by US-based financial publication Global Finance in August.