Cuddalore, Tamil Nadu: DBS Bank today announced the formal opening of its new branch in Cuddalore (Tamil Nadu) and a state-of-the-art ATM centre in Puducherry. Through this new branch, DBS will provide a holistic portfolio of corporate, enterprise and retail banking services to cater to the evolving banking needs of the large number of enterprises operating in and around Cuddalore.

Honourable Union Minister of State for Planning and Parliamentary Affairs and Personnel, Public grievances and Pensions Shri. V.Narayanaswamy along with the honourable Chief Minister of Puducherry, Thiru. V.Vaithilingam inaugurated the stand alone ATM Centre while leading industrialist, Mr. C K Ranganathan, Chairman & Managing Director of Cavinkare Group inaugurated DBS’ new branch in Cuddalore in the presence of Mr. P.M.Nair, former secretary to Dr. APJ Abdul Kalam, Mr. K.I. Manirathinem – Managing Director, Navasakthi Township Developers Pvt. Ltd. and Mr. Sanjiv Bhasin, CEO, DBS India

Cuddalore and Puducherry are home to several enterprises manufacturing FMCG products, leather accessories engineering ancillaries, chemicals and pharmaceuticals. DBS will offer a comprehensive suite of financial products and services for corporate and SME clients- including cash management, trade finance, treasury services, deposit products, international banking along with wealth management solutions for retail customers, supported by best-in-class service.

The DBS branch is conveniently located mid-way off the main high way connecting the two cities. A full service branch in Cuddalore and a centrally located ATM in the main market of Puducherry will make it very convenient for customers to bank with DBS.

With the opening of this branch, DBS’ footprint in India has expanded to 12 branches across 12 cities. Through these branches, DBS offers a comprehensive suite of financial products and services, including wealth management solutions for HNIs and emerging affluent and cash management, trade finance, treasury services, deposit products and international banking for the corporate segment, supported by best-in-class service.

Speaking on the occasion, Mr. Sanjiv Bhasin, CEO DBS India said, “With the opening of our 4th branch in South India, we are now better equipped to take care of the banking needs of our growing clientele in the region. We are committed to offering the best of financial products and services and look forward to establishing deep and mutually beneficial, long term relationships with our clients here.”

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. It has operations spanning across 16 markets, including China, Hong Kong, India, Indonesia and Taiwan. The bank holds leading positions in Corporate, Small and Medium-sized Enterprises (SME) financing, Consumer Banking, Treasury & Markets, Wealth Management, Securities Brokerage, Equity and Debt fund raising.

“DBS has developed a deep understanding of the Asian region including the local culture and insights in each of the markets it operates. We use this understanding to partner clients to facilitate their growth aspirations not just in India but also beyond geographic boundaries in their quest for new markets and opportunities across Asia. Our key value proposition is our ability to provide a holistic Asian banking experience with specific focus on products, services and outlook”, Mr. Bhasin added.

DBS has enjoyed stellar growth in India over the past five years. Since 2005, revenues in India have grown exponentially as a result of the bank introducing new product lines, such as wealth management and SME banking, in addition to its traditional corporate and institutional banking offerings, and focused and on acquiring new clients. For the financial year ended 31 March 2010, DBS India recorded revenues of Rs. 717 crore and profit after tax of Rs. 270 crore. During this period (2005-2010), the branch network has grown from 2 to 12 and staff strength from 55 to almost 500. The number of clients that DBS now services in India too has grown several folds.

DBS was recently acknowledged as “India’s Best Small Bank” (Business Today – KPMG Survey India’s Best Banks 2010 & 2009) and “India’s Fastest Growing Small Bank” (Business Today – KPMG Survey India’s Best Banks 2010 & 2009, Businessworld-PwC Survey India’s Best Banks 2010) and is also the recipient of the “Rising Star Cash Management Bank Award” (The Asset Triple A Transaction Banking Awards 2010 and 2009).