DBS cooperates with the Australian Trade Commission to promote investment links between Australia and Southeast Asia
DBS plans to double Australian loans to $20 billion in five years
DBS Bank has cooperated with Australian trade and investment institutions to deepen investment ties between Australia and Southeast Asia and help enterprises release cross-border growth opportunities in the two regions.
DBS President Chen Shushan also said that she plans to double the amount of Australian loans in the next five years.
Chen Shushan took Australian customer AirTrunk as an example, a data center operator that was acquired by a consortium led by Blackstone for $24 billion last year. She also mentioned that AirTrunk is one of the first companies to invest in data centers overseas in Australia.
DBS Bank announced the news on Wednesday (June 18) that DBS Bank and the Australian Trade and Investment Commission (Austrade) signed a memorandum of understanding on the same day to create opportunities for Australian companies and investors and expand to Southeast Asian markets, including Singapore, Indonesia, Malaysia and Vietnam.
On the other hand, according to a report from Reuters from Sydney, Chen Shushan revealed at a press conference on Tuesday that DBS's total loans to Australia are currently about A$11 billion (S$9.2 billion), and this number may double in the next five years to reach A$20 billion.
Chen Shushan said: "The Memorandum of Understanding signed with the Australian Trade Commission once again strengthens our confidence in the potential for connectivity between Australia and Southeast Asia and enables us to realize a shared vision and have a meaningful impact on the entire region."
She said: "We are happy to follow and replicate this with other major Australian companies."
She said: "Australian companies are more centered on the domestic market. We are working to change this."
It noted that this was the first time that the ATC signed such a memorandum with a Singaporean bank and was announced on the 10th anniversary of the establishment of DBS Bank's Sydney branch. This cooperation is in line with Australia's Southeast Asian economic strategy to achieve two-way trade and investment growth.
