In 2021, Singapore was the third-largest importing partner of Bangladesh, with imports amounting to about US$2.4 billion.
DBS will establish a representative office in Dhaka, Bangladesh, bringing the bank’s international presence to 19 markets globally, reports Yahoo finance.
While DBS has been active in Bangladesh providing trade finance and advisory, in addition to arranging mandates in project investments, the establishment of DBS Dhaka will provide further impetus to the bank’s activities and greater market connectivity for DBS’s customers globally, says the bank in a Nov 16 press release.
DBS has appointed Tahsina Banu as chief representative. Banu joins from the International Finance Corporation (IFC). Until 2019, Banu was country head of international corporate banking at HSBC. “A seasoned banker with more than 20 years of experience working in global banks in Bangladesh and the Middle East, Banu’s banking experience spans business and support functions including wholesale banking, trade operations and risk management,” says DBS.
According to DBS, Bangladesh has been an important trading partner to Singapore over the last two decades. In 2021, Singapore was the third-largest importing partner of Bangladesh, with imports amounting to about US$2.4 billion ($3.23 billion). Singapore is also one of Bangladesh’s top investors in the power, energy, transport and logistics and port sectors, adds the bank.
In the near to medium term, Bangladesh will have significant investment requirements in energy and infrastructure that will likely be brought to life through private sector partnerships. DBS foresees that partners from North Asia and India would be the most viable and practical option.
Tan Su Shan, DBS group head of institutional banking, says: “As Singapore celebrates its 50th anniversary of establishing bilateral relationships with Bangladesh this year, it is an opportune time for DBS to invest in this rapidly growing market to build on the strength of our institutional and transaction banking franchise.”
Tan adds: “In recent years, due to Bangladesh’s strategic location, it has emerged as a strategic gateway and priority market for our clients who are tapping into intra-regional trade opportunities in South Asia and beyond. Our representative office is part of our commitment to support our clients in their expansion plans in this region.”
Shares in DBS closed 32 cents higher, or 0.92% up, at $35.18 on Nov 15.