DBS launches operations in Australia
Singapore's DBS Bank has launched operations in Sydney, thereby expanding its presence to 18 markets around the world. DBS CEO Piyushi Gupta says that "with our growing footprint in Greater China, Southeast Asia and South Asia, we are better able to connect clients in Australia with Asia and vice versa".
Southeast Asia's biggest bank, DBS Bank, says a squeeze on the margins that big Australian banks make from lending to large corporate clients is here to stay, as it eyes a larger local presence.

The Singaporean lender, which received an Australian banking licence in June, on Tuesday said it would target a bigger share of the institutional loan market – lending to companies with market values of about $500 million or more.

DBS Group chief executive Piyush Gupta says closer integration with Asia is "inexorable". Credit: Louise Kennerley

It believes this market has strong growth potential as Australia's economy becomes more deeply integrated with Asia through more inward investment and growing exports of services.

Chief executive Piyush Gupta said Australia's closer integration with Asia was "inexorable," arguing that further growth in exports of services such as tourism, education, and health care would be the "next big thing" for the economy.