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DBS targets doubling of revenue from China retail banking

(AFX)
Updated: 2007-05-28 11:28

DBS Group Holdings Ltd plans to double its retail banking revenue in China over the next five years, the Wall Street Journal reported, citing Teresa Lin, chief executive officer of DBS Bank (China) Ltd.

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'Now corporate banking generates 80 pct of DBS's China revenue. But we expect to lower the ratio to 60 pct within five years, after being able to offer yuan-denominated services to local individuals in China. (By then) China's revenue would account for 7-9 pct of the total income of DBS Group,' Lin said.

DBS Group last week said unit DBS Bank (China) Ltd will start operating today, a week after receiving final approval from the China Banking Regulatory Commission to incorporate locally.

The new subsidiary has registered capital of 4 bln yuan.

(For more biz stories, please visit Industry Updates)