DBS Bank has expanded its personal banking services in China with the launch of a suite of services for affluent customers.
DBS Shenzhen Branch now offers Treasures Priority Banking targeted at foreign individuals and local residents living in the Shenzhen and Pearl River Delta Region with minimum RMB400,000 (or USD50,000) in assets including deposits and investments. Treasures customers will have access to renminbi and foreign currencies savings and time deposits, mortgage loans, remittances and foreign exchange services.
In addition to having the best time deposit rates for selected foreign currency time deposits, they will also enjoy dining and shopping privileges at selected restaurants and retailers in Shenzhen and Hong Kong.
Sunny Cheung, managing director and head of Consumer Banking, DBS (Hong Kong) Limited, said, “We started our personal banking operations in China about a few months ago. I am therefore very pleased that we are able to launch Treasures Priority Banking services so soon after. We believe Treasures can better meet the demands of individuals who desire banking services that are reflective of their personal aspirations and achievements.”
The new Treasures Centre is located within DBS Shenzhen Branch and is designed to give customers maximum privacy and comfort as they conduct their banking transactions. And like other Treasures customers in the region, DBS’ customers in China will also have designated relationship managers to take care of their financial needs.
In 2002, DBS branded its priority banking services “Treasures” in a move to further solidify its position in this much sought-after customer segment. Since the unveiling of the new brand in Hong Kong in October 2002, the customer base has more than doubled from the level before the branding.
Cheung added: “Our growth story in Hong Kong showed that our branding and strategy for priority banking are producing results. We expect a rise in the number of foreign individuals coming to live and work in China as companies from around the world seek to leverage on the mainland’s growth. These foreigners and the increasingly affluent local residents will demand more sophisticated financial solutions to help them manage their wealth. With DBS’ extensive experience in consumer banking and strengths in wealth management in Hong Kong and Singapore, we believe that we are well positioned to help our customers in China realise their aspirations.”
In May this year, DBS officially launched personal banking services at its new branch premises in Shenzhen. It marked the Bank’s first foray into the consumer banking business in China. The Bank said it plans to extend consumer and priority banking services to Shanghai and Beijing in the next 12 months.
Under China’s banking regulations, foreign banks must be specially licensed to conduct RMB businesses, and they can do so only with foreign individuals and corporations and local enterprises. They are currently not allowed to offer RMB services and products to local Chinese nationals.
The Shenzhen Branch started as a Representative Office in 1992 and was upgraded to a full branch in the following year. It has licences to conduct RMB businesses with foreign-invested enterprises, foreign individuals and Chinese corporations in 18 designated cities as well as the Jiangsu and Zhejiang provinces.