DBS Bank launched its Dhaka representative office, marking its expansion into its 19th market globally.
The inauguration ceremony was held at a hotel in Dhaka.
Bangladesh Investment Development Authority Executive Chairman (Senior Secretary) Lokman Hossain Miah and Bangladesh Bank Deputy Governor Ahmed Jama attended the event.
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. More than 100 of DBS’ top clients, business partners, employees and Bangladesh government officials also attended the ceremony.
BIDA Executive Chairman Lokman Hossain Miah said, “As Bangladesh progresses towards becoming a trillion-dollar economy by 2035 under the visionary leadership of the 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 a presence in Bangladesh. I am confident that we will benefit from its partnership in Bangladesh’s journey towards becoming an international business hub and global incubator for innovation, sustainability and entrepreneurship,” he added.
Bangladesh Bank 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”
He hoped that this would 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.”
He said, “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.”
He added the establishment of DBS Dhaka would provide further impetus to the bank’s activities and greater market connectivity for DBS customers globally.
DBS has been 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 last August, making it the third time that the bank had clinched the magazine’s top accolade since 2018.
This is also the bank’s seventh global best bank win in the last five years, reinforcing the bank’s position as an industry leader and a forward-looking institution shaping the future of banking.