DBS China, a subsidiary of Singapore-based DBS Bank, plans to boost hiring by 25 percent this year after its profit doubled in 2011.
The bank posted a net profit of 500 million yuan (US$79 million) last year on revenue of 1.9 billion yuan which jumped an annual 65 percent. The rise made China the third largest contributor to group revenue after Singapore and Hong Kong, said DBS China, which was locally incorporated in 2007.
DBS CEO Piyush Gupta said yesterday the Chinese mainland, Hong Kong and Taiwan, accounted for 29 percent of group total revenue last year. He said the contribution of the three markets to group revenue "will expand to 33 percent in the next few years."
Melvin Teo, DBS China CEO, said yesterday in Shanghai the bank will add 400 more people in China this year to bring total strength to 2,000. Most of them will be in personal banking and one third will be in corporate banking, he said.