The bank is targeting the South Asia country because of its growth potential and existing trade links with Singapore.

DBS has set up a representative office in Dhaka, Bangladesh, taking the Singapore-based group’s international presence to 19 markets.

As part of the new operation, the bank has appointed Tahsina Banu as chief representative of DBS Dhaka. With more than 20 years of experience working in global banks in Bangladesh and the Middle East, Banu’s banking experience spans business and support functions including wholesale banking, trade operations and risk management.

Explaining its decision to create a new presence, DBS said Bangladesh has been an “important trading partner to Singapore over the last two decades.” In 2021, Singapore was the third-largest importing partner of Bangladesh, with imports amounting to about $2.4 billion. Singapore is also one of Bangladesh’s top investors in the power, energy, transport and logistics, and port sectors.

“In the near to medium term, Bangladesh will have significant investment requirements in energy and infrastructure that will likely be brought to life through private sector partnerships. DBS foresees that partners from North Asia and India would be the most viable and practical option,” it said. 

“As Singapore celebrates its 50th anniversary of establishing bilateral relationships with Bangladesh this year, it is an opportune time for DBS to invest in this rapidly growing market to build on the strength of our institutional and transaction banking franchise,” Tan Su Shan, DBS group head of Institutional Banking, said.

“In recent years, due to Bangladesh’s strategic location, it has emerged as a strategic gateway and priority market for our clients who are tapping into intra-regional trade opportunities in South Asia and beyond. Our representative office is part of our commitment to support our clients in their expansion plans in this region.”