The Singapore-listed banking group has built a physical presence in Australia.

Singapore-headquartered DBS Bank has officially opened for business in Sydney, Australia, bringing its global market footprint to 18 countries. 

The official launch ceremony included New South Wales' treasurer and minister for industrial relations, Gladys Berejiklian; Singapore’s high commissioner to Australia, Burhan Gafoor; DBS chairman Peter Seah; DBS chief executive Piyush Gupta and the bank's group head of institutional banking, Jeanette Wong.

The bank received regulatory approval in June this year to conduct institutional banking activities, such as corporate finance, trade finance, cash management and treasury solutions, out of its Sydney branch.

“Singapore is a priority market for New South Wales and we are always looking for opportunities to encourage the growth of trade and investment links. The presence of this leading financial institution in our global city will be of great assistance to many businesses both here and in Asia,” Berejiklian said in a statement. 

Prior to setting up a physical presence in Australia, DBS covered the region out of its Singapore office.