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DBS eyes GBA for expansion amid China’s growth

DBS Group Holdings, Southeast Asia’s top bank, is set to bolster its investments and workforce in China’s Greater Bay Area, anticipating robust growth there compared to other parts of the nation. Sebastian Paredes, DBS Bank’s CEO in Hong Kong, expressed optimism about China’s future prospects. The Singaporean bank has witnessed double-digit growth from its Chinese clientele in recent years and is in the process of increasing its stake in Shenzhen Rural Commercial Bank and finalising the acquisition of Citigroup’s consumer banking sector in Taiwan. Despite economic challenges in China, Paredes sees a potential USD1tr growth, specifically highlighting electric vehicles, batteries, and semiconductors as opportunities. DBS’s Q2 results showed a remarkable 48% jump in net income, reaching SGD2.7bn.

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