Dah Sing Bank, Limited (“DSB” or the “Bank”) announced that it has just been granted approval by the China Banking and Insurance Regulatory Commission to set up a new Shenzhen branch directly under its Hong Kong-based entity (“New Shenzhen Branch”), in addition to the Bank’s wholly-owned subsidiary, Dah Sing Bank (China) Limited (“DSB China”), which has been operating on the Chinese mainland since 2008.

DSB is the first foreign bank on the Chinese mainland to receive a dual operating license, and plans to set up its Shenzhen Branch in the city’s Qianhai area. This aligns with the Chinese Government’s opening-up policy for its financial industry, and the announcement of this deepened Hong Kong-Shenzhen connection also coincides with the 25th anniversary celebration of the Hong Kong Special Administration Region.

The bank has been pursuing a growth strategy on the mainland with emphasis on the Greater Bay Area (GBA). Focus has been placed on growing and leveraging on the integrated strengths of its three banking entities in Hong Kong, Macao and the mainland. In addition to growing cross-border corporate and SME customer relationships, its Shenzhen branch will place particular emphasis on supporting real economic business activities, helping to promote the development of the focused sectors in the GBA such as advanced manufacturing, and enhancing the breadth and quality of its portfolio of cross-border products and services.

The New Shenzhen Branch is expected to be established in early 2023. DSB first established its mainland representative office in Shenzhen in 1993 and set up its former Shenzhen branch in 2004. With the subsequent approval of the China Banking Regulatory Commission, the former Shenzhen branch was converted into a wholly-owned subsidiary bank in the domestic market, and DSB China was formally established in 2008. Today, the operations of DSB China span various locations including Shenzhen, Guangzhou, Foshan, Shanghai, Nanchang and Zhenjiang.

Dah Sing Bank, Ltd is a wholly-owned subsidiary of Dah Sing Banking Group (HKG:2356). Founded in Hong Kong 75 years ago, Dah Sing Bank has been providing quality banking products and services to its customers with a vision to be “The Local Bank with a Personal Touch.” Over the years, the Bank has been rigorous in delivering on its brand tagline to grow with its customers in Hong Kong, the Greater Bay Area and beyond – “Together We Progress and Prosper.” Building on its experience and solid foundation in the industry, its scope of professional services now spans retail banking, private banking, business and commercial banking. Meanwhile, the bank is also making significant investments in its digital banking capabilities to stay abreast with smart banking developments in Hong Kong and to support financial inclusion at large.