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Wednesday, October 2, 2013

DBS eyes product launch in Shanghai FTZ within 6 months - The Asset

DBS Bank is looking to launch products in the newly-established China (Shanghai) Pilot Free Trade Zone (FTZ) within six months, says Neil Ge, chief executive officer of DBS Bank (China).

DBS Bank and Citibank (China) are the first two foreign banks allowed to set up sub branches in the trial zone.

"Whatever products you want to launch, you still need to obtain approval from regulators," notes Tan Teck Long, head of the institutional banking group of DBS Bank (China).

Though still awaiting detailed rules about doing businesses in the new zone, DBS has outlined three key areas of products to develop, which are cash management, capital market and interest rate hedging products.

Due to the lack of convertibility of the renminbi, clients in China now cannot have cash mandate solutions, Tan says. DBS' capital market products in the FTZ will include bond, equity and business trust, he adds.

DBS will serve corporate clients first at the initial stage, Ge says. The most frequently asked questions by clients about doing business in the trial zone are "how the convertibility will be rolled out" and "whether they can have lower lending rate or higher deposit rate", according to Ge and Tan.

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