DBS Bank does not seem to be in a hurry to acquire a strategic partner as it continues building up the necessary platforms to become a full-service bank with a nationwide network in the mainland.
Unlike its competitors such as HSBC and Standard Chartered Bank, Singapore's largest lender, which also has significant presence in Hong Kong and other Southeast Asian countries, has kept a relatively low profile in the race to form alliances with the mainland's much-coveted commercial banks.
An alliance is seen by many foreign and Hong Kong bankers as mandatory for financial services firms that are serious about developing into a significant player in the mainland.
Given the country's sheer size, it is nearly impossible for a foreign bank to establish a network to match those already built by domestic lenders.
'We are keeping an open mind about acquiring strategic stakes in other banks,' DBS Bank country head for China Richard Leung Tim-chiu said. 'We have set up several conditions and are looking for potential partners who can fulfil them. But so far, we have not reached any conclusions in our discussions with them.'
Mr Leung's comments came as the bank announced the opening of its first representative office in Dongguan, Guangdong, extending its presence to seven mainland cities - it already has branches in Beijing, Shanghai, Shenzhen and Guangzhou and representative offices in Tianjin and Fuzhou.
