Its FTZ operations started 7 January.
In a release, DBS Bank (China) Limited announced that its China (Shanghai) Pilot Free Trade Zone Sub-branch has successfully completed the first trade financing deal by a foreign bank in the FTZ.
Leveraging the FTZ’s financial reform pilots and the bank’s strong Asian network, DBS’ cross-border foreign currency letter of credit financing solution helped Jeans International Trading Co. Ltd. from Zhejiang achieve its funding objectives as well as enhance capital efficiency between its overseas and domestic affiliates.
Neil Ge, CEO of DBS Bank (China) Limited said, “As a pioneer foreign bank to commence operations in the FTZ, DBS has been working closely with clients such as Jeans International to capture opportunities in the FTZ guided by latest policies and regulations. We look forward to further leveraging our strong Asian network to roll out solutions of great value to our clients as well as contributing to the development of the FTZ.”
Zhang Lifa, President of Jeans Holding said, “The solution offered by DBS has addressed our needs to manage funding cost and cashflow more effectively across the region. It has also paved the way for us to capture new opportunities from the FTZ and RMB internationalisation.”
DBS China commenced its Shanghai Pilot Free Trade Zone Sub-branch operations on 7 January 2014. It is the only foreign bank in the first batch of financial institutions to obtain approval to set up an outlet in the FTZ on 29 September 2013 and to receive operational approval on 31 December 2013.
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