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SINGAPORE : Southeast Asia's largest lender DBS on Friday said its China operations are profitable, and that it is planning to expand in that market.
However, chief executive Richard Stanley declined to provide specific figures.
Singapore-based DBS currently has five branches in China, and plans to open six more on the mainland soon.
Mr Stanley was speaking in Taipei, where DBS officially launched its expanded network in Taiwan.
DBS' new network will offer a comprehensive range of products and services targeted at small and medium enterprises (SMEs), as well as the affluent masses in Taiwan.
The bank was the first from Singapore to make a major investment in Taiwan, and now has 40 branches across the island.
General Manager of DBS Bank Taiwan, Jerry Chen, said he expects the Taiwan unit to make a profit next year, but declined to give details.
DBS said it is exploring ways to optimise its branch network in Taiwan, by selectively relocating to more accessible and convenient locations.
Overall, the investment is seen as reinforcing DBS' Greater China strategy.
Mr Stanley said: "Greater China is key to future success of DBS. We already have a very large platform in Hong Kong, attractive and growing platform in the mainland, and now with over 40 branches in Taiwan, we are well positioned in these economies.
"We are serving a large range of clients from large corporations to SMEs to individuals in the wealth management space. The future is very bright and this development in Taiwan is a real breakthrough for us and is critical to our success in these economies."
It is expected to enhance the bank's position as a leading provider of financial services in Asia, and a pioneer in wealth management.
It will also present a sizeable platform for DBS to grow and extend its footprint.
DBS expects to grow its staff strength in Taiwan by more than 10 per cent from the current 950 to support growth plans.
This announcement follows DBS' acquisition and integration of selected good bank assets of Bowa Commercial Bank earlier this year.
The deal included net loans worth US$2 billion and deposits of US$2.9 billion.
The troubled Bowa Bank came under the control of the Taiwan government's Central Deposit Insurance Corporation last August.
Outside China, DBS opened its Kolkata branch in India on Friday, the first of eight new branches to be opened by early 2009. - CNA/yb/ms
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