DBS to increase investments, hiring in China’s Greater Bay Area
DBS will increase investment and hiring in China’s Greater Bay Area as it expects growth in the region to outpace the rest of the country, according to the lender’s head of North Asia.
“There’s no reason not to be optimistic about the future and the long-term prospects of China,” Sebastian Paredes, who is also the chief executive officer of DBS Bank in Hong Kong, said on Bloomberg TV.
Paredes said he viewed the China operations holistically and it would have a positive effect on the rest of DBS’ businesses around Asia. Business from Chinese clients at the bank’s Hong Kong and Singapore operations have seen double-digit growth in the last few years, he said. $Hong Kong Banks (LIST1252.HK)$ $HSBC HOLDINGS (00005.HK)$ $HSBC Holdings (HSBC.US)$
DBS has been keen to expand in Greater China. Earlier this year it signalled its interest to raise its 13 per cent holdings in Shenzhen Rural Commercial Bank in China. The bank will also complete its acquisition of $Citigroup (C.US)$ ’s consumer banking business in Taiwan this month.
The diversification comes as the lender seeks more growth in places outside its home market. Hong Kong is DBS’s second-largest revenue generator after Singapore, and contributed to about 16 per cent of its total income in the first half. ![]()
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Despite recent headwinds in China’s economy, Paredes said the expected 5 per cent and 4.5 per cent growth in China’s economy this year and next provides almost US$1 trillion of incremental growth. He pointed to electric vehicles and batteries, and semiconductors as opportunities in the country. $NIO Inc (NIO.US)$ $NIO Inc. USD OV (NIO.SG)$ $NIO-SW (09866.HK)$ $Contemporary Amperex Technology (300750.SZ)$ $SMIC (00981.HK)$ $SENSETIME-W (00020.HK)$ $Taiwan Semiconductor (TSM.US)$ $XPeng (XPEV.US)$ $XPENG-W (09868.HK)$
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HopelessChi : must be pitiful. what goes in chinese equities is destined to fail. taking a look this afternoon trading the sudden spike, it must trapping investor and baghold for life as tomorrow it be again selling off. oversold? what low can be lower especially china. they are fragile. you don't see the CCP coming out but only saying vow urge pledge right?
102086408 :
104078508 HopelessChi : China's current policy is still very favorable to Chinese securities; popular Chinese securities have been continuously profitable