DBS plans to set up a securities firm in China together with a local partner. Singapore's largest bank isn't the first global bank to come up with such plans.
Singapore-based DBS is sounding out prospective partners in China to establish a securities brokerage, «Caixin Global» reported (behind paywall). DBS joins a string of international banks that have registered with Chinese authorities to set up or take majority control of onshore brokerages after the financial market supervisor in China loosened the rules on foreign access to financial markets.
«DBS is in talks with potential Chinese partners and with relevant government and regulatory bodies to establish a securities joint venture in China,» a spokesman for DBS told finews.asia. «We will share more details in due time.»
The move by DBS follows the recent actions of Nomura, J.P. Morgan and Swiss banking giant UBS. The Zurich-based bank for instance has applied to take a 51 percent stake in its Chinese joint venture, UBS Securities.
Strategy for India
DBS CEO Piyush Gupta last week announced major plans for his bank in India. The Singapore lender will start operating as DBS Bank India once it receives approval from the Reserve Bank of India. DBS will start operating in 30 cities with 50 branches and 70 other outlets within 12 months, Gupta promised. Today the banks has 12 branches in 12 cities.
