DBS Bank opens representative office in Dhaka

DBS Bank Limited, a Singaporean multinational banking and financial services corporation, officially inaugurated its Dhaka representative office on Thursday expanding its presence in the global market.

The inauguration ceremony was held in a city hotel where Bangladesh Investment Development Authority Executive Chairman (Senior Secretary) Lokman Hossain Miah and Bangladesh Bank Deputy Governor Ahmed Jamal were present as special guests, said a press statement.

DBS Chief Executive Officer Piyush Gupta, DBS Group Head of Institutional Banking Tan Su Shan and DBS Dhaka Chief Representative Tahsina Banu were also present at the occasion along with more than 100 of DBS’ top clients, business partners and employees and local government officials.

Before the pandemic, Bangladesh’s economy saw GDP growth of nearly 7 per cent for more than a decade (2008 – 2019), the speakers at the event said.

Between 2000 and 2021, the size of Bangladesh’s economy grew nearly seven times, they stated. Bangladesh’s economy is supported by a young population, increasing labour force participation and a growing middle class that is expected to account for a third of households in a decade, they added.

Lokman Hossain Miah said, “We are working for Bangladesh to become a trillion-dollar economy by 2035 under the visionary leadership of Prime Minister Sheikh Hasina.”

“We intend to expand external trade and accelerate inflows of foreign investment and remittance. I am pleased that DBS, Southeast Asia’s largest bank, has chosen to establish its presence in Bangladesh. I am confident that we will benefit from this partnership”, he added.

Besides, BB Deputy Governor Ahmed Jamal said, “The establishment of DBS Bank’s representative office in Dhaka is a milestone for Bangladesh as we expand our international banking relationships. I am hopeful that this will be a mutually beneficial partnership for the development of new financial products and investment opportunities.”

DBS Chief Executive Officer Piyush Gupta said, “Bangladesh’s proximity to India and China puts it in a good position to receive sustained trade and investment inflows from these rising regional giants.”

“In particular, sectors such as telecommunications, gas and petroleum, power, as well as textiles and apparels, present attractive business opportunities for corporates looking to do more with the market”, Gupta said.

“In recent years, DBS has already been providing trade finance and advisory services in Bangladesh. The establishment of DBS Dhaka will provide further impetus to the bank’s activities and greater market connectivity for DBS customers globally”, he added.

DBS was accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. In addition, DBS was named “World’s Best Bank” by US-based financial publication Global Finance in August last year.