DBS Bank, a Singapore-based financial institution, has launched its operations in Sydney, Australia, channelnewsasia.com reported.
In June 2015, the Singaporean lender secured the regulatory nod to carry out institutional banking activities from the Sydney arm, including corporate finance, trade finance, cash management as well as treasury solutions.
Before the launch of physical operations in Australia, the region was covered out of Singapore.
DBS CEO Piyush Gupta told channelnewsasia.com that: "Eight of Australia’s 12 largest trading partners are within Asia, reflecting Australia’s strategic location and increased economic participation with its Asian partners.
"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."
The launch of the bank’s Australian operations expands DBS Bank’s overall footprint to 18 markets across the globe.