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Business Times
7 hours ago
- Business
- Business Times
DBS and Austrade ink deal to help Australian companies expand in South-east Asia
[SINGAPORE] DBS and the Australian Trade and Investment Commission (Austrade) on Wednesday (Jun 18) inked an agreement to deepen investment links between Australia and South-east Asia. In a joint statement, DBS and Austrade said they will collaborate through a 'comprehensive framework' to help Australian companies expand into markets in the region, including Singapore, Indonesia, Malaysia and Vietnam. Under the memorandum of understanding (MOU), the partners will offer a suite of 'essential resources', including market insights and regulatory guidance, as well as connections with regional partners and industry leaders. DBS said it will provide advisory services such as support on market entry strategies, financial planning and risk management. This is the first such MOU between the Australian trade agency and a Singapore bank, and the announcement coincides with the 10th anniversary of DBS' Sydney branch. Speaking at an event to commemorate the occasion, DBS CEO Tan Su Shan said the lender started out in Sydney by banking seven clients in the real estate industry with traditional banking solutions, including basic loans, trade, cash and treasury products. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Today, we've grown our staff strength to over 85 people, banking more than 300 clients in over 10 industries,' she said, adding that the bank has more than doubled its assets to A$12 billion (S$10 billion) in that time. 'I'm especially proud of how our journey has evolved – from supporting Asian companies entering the Australian market, to earning the trust of local businesses through our onshore capabilities, and ultimately helping Australian firms expand into Asia.' Austrade chief executive officer Paul Grimes said South-east Asia's expanding middle class, rapid urbanisation, and growing demand for digital and sustainable development are reshaping the region's economic landscape. At the same time, supply chains are being remapped and trade routes rewritten, he noted. 'These trends present compelling opportunities for Australian businesses,' he added.
Straits Times
9 hours ago
- Business
- Straits Times
DBS aims to double Australian lending book in 5 years
DBS had signed a pact with trade agency Austrade which will help it finance more trade and investment between Australian and Southeast Asian businesses. PHOTO: REUTERS SYDNEY - DBS Group aims to double its Australian lending book in the next five years, its CEO Tan Su Shan said, as the Singapore-headquartered bank seeks to take advantage of trade links between Australia and Southeast Asia. The bank said on Wednesday it had signed a pact with trade agency Austrade which will help it facilitate and finance more trade and investment between Australian and Southeast Asian businesses, especially from Singapore, Indonesia, Malaysia and Vietnam. Tan said that DBS's Australian lending book was currently worth about A$11 billion (S$9.2 billion) which, she said, could double to A$20 billion in the next five years. 'Australian companies have been more domestic-centric. We are trying to change that narrative,' Tan said at a press conference on Tuesday. Referring to its Australian client AirTrunk, a data centre operator that was bought by a Blackstone-led consortium for A$24 billion last year, Tan said the company was one of the first few to invest in data centers outside of Australia. 'We'd love to rinse and repeat that with the other big Australian companies,' she said. DBS posted in May better-than-expected quarterly results, boosted by wealth management fees that jumped 35 per cent on-year to a record quarterly high of S$724 million, which the bank attributed to strong market sentiment. Assets under management at the bank, Southeast Asia's biggest, climbed 13 per cent to a record high of S$432 billion in the first quarter. Tan said while the dollar and U.S. Treasury's safe-haven status was not yet being threatened, some of the bank's clients had started to diversify away from dollar-linked investments, which has benefited Japan, among others. 'You've seen also a lot more interest in the euro and the yen. The yen has strengthened as well. So we see people now looking at where do I invest in yen?,' she said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
10 hours ago
- Business
- Business Times
DBS aims to double Australian lending book in 5 years
[SYDNEY] DBS Group aims to double its Australian lending book in the next five years, its CEO Tan Su Shan said, as the Singapore-headquartered bank seeks to take advantage of trade links between Australia and South-east Asia. The bank said on Wednesday (Jun 18) it had signed a pact with trade agency Austrade which will help it facilitate and finance more trade and investment between Australian and South-east Asian businesses, especially from Singapore, Indonesia, Malaysia and Vietnam. Tan said that DBS's Australian lending book was currently worth about A$11 billion (S$9.2 billion) which, she said, could double to A$20 billion in the next five years. 'Australian companies have been more domestic-centric. We are trying to change that narrative,' Tan said at a press conference on Tuesday. Referring to its Australian client AirTrunk, a data centre operator that was bought by a Blackstone-led consortium for A$24 billion last year, Tan said the company was one of the first few to invest in data centres outside of Australia. 'We'd love to rinse and repeat that with the other big Australian companies,' she said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up DBS posted in May better-than-expected quarterly results, boosted by wealth management fees that jumped 35 per cent on-year to a record quarterly high of S$724 million, which the bank attributed to strong market sentiment. Assets under management at the bank, South-east Asia's biggest, climbed 13 per cent to a record high of S$432 billion in the first quarter. Tan said while the US dollar and US Treasury's safe-haven status was not yet being threatened, some of the bank's clients had started to diversify away from US dollar-linked investments, which has benefited Japan, among others. 'You've seen also a lot more interest in the euro and the yen. The yen has strengthened as well. So we see people now looking at where do I invest in yen?,' she said. REUTERS
