Singapore-based DBS Bank Limited, a leading financial services group in Asia, has announced the expansion of its regional footprint with the establishment of a representative office in Dhaka (DBS Dhaka).
The establishment of DBS Dhaka will bring the bank’s international presence to 19 markets globally, a media release.
The bank says although it remains active in Bangladesh by providing trade finance and advisory in addition to arranging mandates in project investments, the establishment of DBS Dhaka will provide further impetus to the bank’s activities and greater market connectivity for DBS’ customers globally.
Tahsina Banu
DBS has appointed Tahsina Banu as the Chief Representative of DBS Dhaka. The banker has more than 20 years of experience in global banks in Bangladesh and the Middle East.
Bangladesh has been an important trading partner to Singapore over the last two decades.
In 2021, Singapore was the third-largest importing partner of Bangladesh, with imports amounting to about USD2.4 billion (SGD3.23 billion) Singapore is also one of Bangladesh’s top investors in the power, energy, transport and logistics, and port sectors.
In the near to medium term, Bangladesh will have significant investment requirements in energy and infrastructure that will likely be brought to life through private-sector partnerships.
Tan Su Shan, DBS Group Head of Institutional Banking 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.
“In recent years, due to Bangladesh’s strategic location, it has emerged as a strategic gateway and a priority market for our clients who are tapping into intra-regional trade opportunities in South Asia and beyond. Our representative office is part of our commitment to support our clients in their expansion plans in this region,” said Tan Su Shan.
The press release says DBS has been accorded the Safest Bank in Asia award by Global Finance for 14 consecutive years from 2009 to 2022.
In addition, DBS was also recently named World’s Best Bank by US-based financial publication Global Finance in August, making it the third time that the bank has clinched the magazine’s top accolade since 2018.
