DBS set to venture into Middle East and India

After its expansion in the Greater China region with its purchase of Dao Heng Bank in Hong Kong, DBS has placed emphasis now in growing in Middle East and India. It will join part of a consortium to provide loans to Dubai for the expansion of its airport. The Dubai Department of Civil Aviation has agreed to a 3 year US$1 billion loan with banks that complies with Islamic banking guidelines. DBS joins a group of international banks like Standard Chartered, ABN Amro, Deutsche Bank, WestLB, Societe Generale, Depfa Bank and DZ Bank to help Dubai Islamic Bank manage the loan. The expansion of Dubai's International Airport will allow it to serve up to 70 million passengers by the end of 2010.

In addition, DBS has also announced its plans to introduce its 'Treasures' banking service into India. It has announced plans to target up to 1,800 affluent clients in India's key regional financial centres at Mumbai and New Delhi. The level of commitment is seen by its US$120 million investment in the region since setting up operations a decade ago.