The Dhaka Times Desk DBS officially inaugurated representative office in Dhaka. As a result, this bank has expanded its operations in 19 countries of the world.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Lokman Hossain Miah (Senior Secretary) and Bangladesh Bank Deputy Governor Ahmed Jamal were present as special guests at the inauguration ceremony at a hotel in the capital. DBS Chief Executive Piyush Gupta, DBS Group Head of Institutional Banking Tan Soo Shan and DBS Dhaka Chief Representative Tahsina Banu were also present at the event. Moreover, the event was attended by 100 top customers, business partners and employees of DBS and government representatives.
For more than a decade (2008-2019) before the global pandemic, the gross domestic product (GDP) growth of Bangladesh's economy was around 7 percent. From 2000 to 2021, the country's economy grew nearly 7 times. Young people are making important contributions to Bangladesh's economy, increasing their participation in the country's labor force. At the same time, the middle class is also growing, which is expected to make up one-third of the country's population within the next decade.
Bangladesh Investment Development Authority Executive Chairman (Senior Secretary) Lokman Hossain Mia said, “Under the visionary leadership of our Honorable Prime Minister Sheikh Hasina, we are working to make Bangladesh a trillion-dollar economy by 2035. We want to expand foreign trade and accelerate foreign investment and remittance flows. I am very happy that DBS, the largest bank in Southeast Asia, has expanded its operations in Bangladesh. Bangladesh is moving towards becoming an international business center and global incubator for innovation, sustainable development and ventures and entrepreneurs. I believe we will benefit from DBS's partnership in this journey.”
Bangladesh Bank Deputy Governor Ahmed Jamal said, “The opening of DBS Bank's representative office in Dhaka is a milestone for Bangladesh as we expand our international banking relationships. I expect this partnership to be mutually beneficial in terms of developing new financial products and investment opportunities.”
DBS Chief Executive Piyush Gupta said, “With its proximity to China and India, Bangladesh is well positioned to gain sustained trade and growing investment from South Asian superpowers. Companies interested in operating and expanding business in Bangladesh's various industrial sectors, particularly telecommunications, gas and petroleum and energy, including textiles and apparel, have excellent investment opportunities here. DBS has been providing trade finance and advisory services in Bangladesh in recent years. The establishment of DBS Dhaka will speed up the bank's operations and facilitate the process of connecting the Bangladeshi market with DBS's global customers.”
It is to be noted that DBS has been recognized as the 'Safest Bank in Asia' by Global Finance continuously from 2009 to 2022. Also, US-based financial publication Global Finance recognized DBS as 'World's Best Bank' last August, the third time since 2018 that DBS has achieved the prestigious magazine's top recognition. Moreover, the Bank has been recognized as the Best Bank Globally 7 times in the last 5 years, strengthening its position as a leading institution in shaping the future of the banking sector. News press release.
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