DBS Bank has become the first Singapore bank to be granted a full branch licence for Beijing. It was also the first Singapore bank to open a branch in Shanghai in 1995, after the People's Bank of China decided to gradually liberalise. As of the end of last year, only 11 international banks had been granted foreign branch licences in Beijing. Most foreign banks have to remain content with just having representative office status in the capital, which limits what they can do. DBS has been an active lender in China since the late 1980s, playing a role in fund-raising, project finance, securities and corporate advisory services. It has underwritten and arranged numerous syndicated loans, including a US$200 million floating rate note issue for China Everbright Holdings and financing for China Southern Airlines' latest aircraft deal.