Singapore-headquartered DBS has officially launched its Dhaka representative office, marking its expansion into its 19th market globally, with an inauguration attended by more than 100 of the bank’s top clients, business partners and local government officials.

“The establishment of the representative office in Dhaka is a milestone for Bangladesh as we expand our international banking relationships,” says Bangladesh Bank deputy governor Ahmed Jamal. “This will be a mutually beneficial partnership for the development of new financial products and investment opportunities.”

Before the pandemic, Bangladesh’s economy enjoyed GDP growth of nearly 7% a year for more than a decade (2008 to 2019). Between 2000 and 2021, the size of its economy grew nearly seven times. The country’s economy is supported by a young population, increasing labour force participation and a growing middle class that is expected to account for a third of households in a decade.

DBS CEO Piyush Gupta notes: “Bangladesh's proximity to India and China puts it in a good position to receive sustained trade and investment inflows from these rising regional giants. In particular, sectors such as telecommunications, gas and petroleum, power, as well as textiles and apparels, present attractive business opportunities for corporates looking to do more with the market.”