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, says DBS Chief Executive Officer Piyush Gupta.
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 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,” Gupta was quoted as saying.
DBS, a leading financial services group in Asia, has officially inaugurated its Dhaka representative office, marking its expansion into its 19th market globally.
“Welcome Singapore’s DBS Bank to Bangladesh! World best bank and best digital bank! Strong signal of Singapore’s confidence in Bangladesh’s growth trajectory and business environment. DBS’ presence will pave the way to strengthen trade and investment ties between Bangladesh and Singapore,” Singapore Consulate in Bangladesh tweeted after its inauguration in Dhaka.
The inauguration was officiated in a city hotel in Dhaka, attended by Bangladesh Investment Development Authority Executive Chairman (Senior Secretary) Lokman Hossain Miah and Bangladesh Bank Deputy Governor Ahmed Jamal, who attended as special guests.
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 together with more than 100 of DBS’ top clients, business partners and employees, as well as local government officials.
Before the pandemic, Bangladesh’s economy enjoyed GDP growth of nearly 7% a year for more than a decade (2008 – 2019). Between 2000 and 2021, the size of its economy grew nearly seven times, DBS said in a media release issued from Singapore.
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, it said.
Lokman said, “As we work towards Bangladesh becoming 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.”
He said he is 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 said.
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. I am hopeful that this will be a mutually beneficial partnership for the development of new financial products and investment opportunities.”
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.
Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
