DBS Bank yesterday announced the launch of yuan services on China's mainland, targeting Chinese with assets of more than 400,000 yuan (US$53,305).

DBS (China) Ltd, a fully owned subsidiary of Singapore's DBS Bank Ltd, will roll out its yuan products and services first in Shanghai.

DBS China will offer a range of yuan deposit services, mortgage loans and general insurance products. Wealth-management and investment products are in the pipeline and will be rolled out upon approval from the China Banking Regulatory Commission, the bank said.

"This marks an important milestone for DBS China," Teresa Lin, vice chairman and chief executive officer of DBS China, said in a statement yesterday. "We are confident our suite of products and services will meet the increasingly sophisticated financial needs of customers in China."

DBS China will prioritize the affluent, whereby the minimum asset under management required is 400,000 yuan.

As part of its five-year growth plans, DBS China will strengthen its presence in Beijing, Tianjin, the Yangtze River Delta, Fujian, and the Pearl River Delta.

The lender, Southeast Asia's biggest, will boost its employee numbers to 2,000 in five years from 400 now as it plans to be one of the top five overseas banks on the Chinese mainland, DBS said earlier this year.