Singapore-based DBS Bank is set to open its first Australian branch in Sydney later this month after receiving regulatory approval to operate in the country.

Through the new branch, headed by DBS Australia country head Helen Yap, the bank will support Australian companies looking to expand in Asia, as well as Asian and international companies looking to do business in Australia. Services will include corporate finance, trade finance, cash management and treasury solutions.

Yap confirms to GTR that the bank will look to expand once it has built up its Australian portfolio, saying that the strong trading relationship between the pair – Singapore is the largest Southeast Asian trading partner of Australia – helped inform the bank’s decision to set up.

“Australia is a substantial trading partner to the countries where DBS has built up a network and presence.  We are well positioned to capitalise on our financial standing as well as Asian insight and experience, to assist clients (both inbound and outbound), who are doing business in Australia,” she explains. “Being Singapore’s largest bank, we can offer a comprehensive suite of products and services, and are able to provide the connectivity between Australia and other countries in Southeast Asia, Greater China and South Asia.”

DBS chief executive officer Piyush Gupta adds: “Australia has been growing in importance as a trading partner of the Asian nations, and an Australia presence will further extend our ability to support our clients as they expand.”

With this addition, DBS is now present in 18 markets around the world.