DBS Group: DBS has received approval from the People's Bank of China for a Rmb10-20b bond sale with the final size and timing dependent on market conditions. This will help support China's efforts to internationalize the Rmb and deepen its domestic bond market, while offering investors more investment channels.
The bond sale comes as the bank plans to expand its presence in Greater China and expects contributions from the region to account for 33% of total revenue in the near term, up from 29%. Currently, DBS has 25 outlets in mainland China, comprising 10 branches and 15 sub-branches.
Despite a more challenging operating environment, DBS China doubled it net profit to more than Rmb500m last year, while revenues surged 65%, making China the 3rd largest contributor to the group.
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