SINGAPORE, Sep 13 (Reuters) Singapore's DBS Group Holdings said on Wednesday it is looking for growth in China, India and Indonesia and hopes to make about 50 percent of its revenue and profit abroad in three to five years, up from abouta third now.
Chief Executive Jackson Tai said that Hong Kong and Greater China already account for about 35-40 percent of the bank's revenues and profit, and that DBS wants to boost the proportioncontributed from outside Singapore.
''Why shouldn't we have the ambition to get to 50 percent,'' he said in an interview with Reuters, adding that the bank could do that via organic growth.
Asked about a time frame for that target, Tai said ''That is a good, realistic aspiration for the medium term, which is typically three to five years.'' He added that ''inorganic initiatives'' -- such as an acquisition -- could speed up reaching that target.
Tai said that DBS -- Southeast Asia's biggest bank -- had seen its total loan book grow by 43 percent since the end of 2002, while the bank's non-Singaporean loan book had expanded threefold.
''Geographically, the focus is going to be on China, Indonesia and India,'' Tai said.
He added that from a business point of view, the bank is going to do a lot more in the market for small and medium-sized enterprises and the consumer banking markets, without forsaking the leadership in the capital markets and corporate business.'' ''We are keen to be a leading player in China. China has tremendous growth opportunities and has a huge gravitational force.
Our clients are doing business there and are expanding there.'' Tai denied market talk that he plans to retire and that he was nearing the end of his contract.
''I am excited about being here, there is a lot more work to be done,'' Tai said, adding that he and other senior managers do not have contracts.
REUTERS SBA RS1430
Chief Executive Jackson Tai said that Hong Kong and Greater China already account for about 35-40 percent of the bank's revenues and profit, and that DBS wants to boost the proportioncontributed from outside Singapore.
''Why shouldn't we have the ambition to get to 50 percent,'' he said in an interview with Reuters, adding that the bank could do that via organic growth.
Asked about a time frame for that target, Tai said ''That is a good, realistic aspiration for the medium term, which is typically three to five years.'' He added that ''inorganic initiatives'' -- such as an acquisition -- could speed up reaching that target.
Tai said that DBS -- Southeast Asia's biggest bank -- had seen its total loan book grow by 43 percent since the end of 2002, while the bank's non-Singaporean loan book had expanded threefold.
''Geographically, the focus is going to be on China, Indonesia and India,'' Tai said.
He added that from a business point of view, the bank is going to do a lot more in the market for small and medium-sized enterprises and the consumer banking markets, without forsaking the leadership in the capital markets and corporate business.'' ''We are keen to be a leading player in China. China has tremendous growth opportunities and has a huge gravitational force.
Our clients are doing business there and are expanding there.'' Tai denied market talk that he plans to retire and that he was nearing the end of his contract.
''I am excited about being here, there is a lot more work to be done,'' Tai said, adding that he and other senior managers do not have contracts.
REUTERS SBA RS1430
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