Recruiting in China

By SIOW LI SEN

DBS Group Holdings will be hiring 20 per cent more people for its business in China which currently employs 1,000 staff.

'Amid the significant wealth creation that rapid growth brings, this year, DBS China will ramp up its priority banking business, which caters to customers with at least RMB 400,000 in investible assets,' the bank said Tuesday.

DBS has been expanding rapidly in China - Asia's fastest growing economy for the last decade - and is competing fiercely with other foreign banks to increase its presence.

DBS forecasts that China's economy will expand 9.5 per cent this year.

HSBC China said this month the company expects to add 19 new branches this year to its existing 99 outlets, according to a Reuters report.

DBS China currently operates out of eight branches and seven sub-branches across China, has applied to regulators to open more branches, the bank said.

'DBS China also intends to add about 200 staff to its existing headcount of close to 1,000 employees this year,' it said.

More than half of the recruits will be for client-facing roles in priority banking, with the rest slated for positions in institutional banking, treasury and markets as well as support units to keep pace with rapid business expansion, it said.

DBS Bank, Southeast Asia's largest bank will commit over $1.5 million in the upcoming World Expo 2010 to raise its brand presence, it said.

Starting in June, the six-month World Expo which has drawn participation from 200 nations is expecting an estimated 70 million visitors.