The Development Bank of Singapore (DBS), the island state's largest lender, recently gained approval from the China Banking Regulatory Commission to open a branch in the Shinan district of Qingdao, Shandong province, the Qingdao Daily reported on May 10.

　　The branch is expected to open for business in the first half of next year and will help develop businesses in the area and handle yuan transactions and cross-border trade, and related investment and financing.

　　A batch of foreign banks, including Japan's Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, South Korea's Busan Bank, and Germany's Deutsche Bank, had set up branches in Qingdao. DBS is one of the biggest banks and leading financial service providers in Asian-Pacific region, with HQ in Singapore and more than 250 branches and a growing presence in three key Asian areas - China, SE Asia and South Asia.