Dah Sing Bank approved to open new Shenzhen Branch
Establishment of the new branch is slated for early 2023.
Dah Sing Bank has gotten approval to open a new Shenzhen branch under its Hong Kong-based entity.
This makes Dah Sing Bank the first foreign bank to receive a dual operating license from the China Banking and Insurance Regulatory Commission.
The bank’s wholly-owned subsidiary, Dah Sing Bank (China), has been operating in the mainland since 2008. DSB first established its Mainland China representative office in Shenzhen in 1993 and set up its former Shenzhen branch in 2004. The former Shenzhen branch was converted into a wholly-owned subsidiary bank in the domestic market.
Establishment of the new branch is expected in early 2023.
In addition to growing cross-border corporate and SME customer relationships, the new Shenzhen branch will place particular emphasis on supporting real economic business activities, helping to promote the development of the focused sectors in the GBA such as advanced manufacturing, and enhancing the breadth and quality of its portfolio of cross-border products and services, Dah Sing Bank said.