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DBS, Nishi-Nippon City Bank sign MOU

DBS Bank Ltd. signed a memorandum of understanding with Nishi-Nippon City Bank Ltd. to support Japanese small and medium enterprises in Asia.

Under the agreement, both banks will act as primary advising banks to letters of credit issued by each party, according to a May 26 release. DBS Bank will also issue bank guarantees on the back of a counter bank guarantee from Nishi-Nippon City Bank.

In addition, DBS Bank will provide investment banking and corporate finance advisory services to Nishi-Nippon City Bank customers who are seeking to raise funds.

The partnership will help Nishi-Nippon City Bank better serve its SME clients who are expanding in Asia, said Hiromichi Tanigawa, president of the bank.

DBS Bank is a unit of DBS Group Holdings Ltd.