SINGAPORE, Dec. 28 (UPI) -- DBS, Southeast Asia's largest bank, has been given a green light to incorporate in China, readying it to open full-service branches in 2007, the bank says.

"We look forward to ... rolling out our full suite of wealth-management services in China so that local customers can enjoy the same level of service as our customers in Hong Kong and Singapore," said Richard Leung, DBS country head for China.

DBS, based in Singapore, is among nine foreign banks given approval to prepare for local incorporation in China. The others include France's Societe Generale (OTCPK:SCGLF) and Japan's Sumitomo Mitsui Banking Corp., Chinese state media reported.

New regulations that took effect Dec. 11 let foreign banks conduct local currency business with Chinese citizens with few limitations provided they incorporate locally.