Southeast Asia’s DBS, through its Hong Kong arm, announced that it has teamed up with Shenzhen Rural Commercial Bank (SCRB) to offer wealth management services for mainland China investors. The services will be offered for southbound investors or residents in the nine mainland cities that form China’s Greater Bay Area. DBS in April 2021 acquired a 13% stake in Shenzhen Rural Commercial Bank for USD798m, making it the privately-owned Chinese bank’s largest shareholder. The acquisition allows DBS to increase its exposure to China, one of the bank’s six core markets, with the strategic merits of accelerating DBS’s strategy to growth in the Greater Bay Area via Shenzhen.
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