Southeast Asia’s largest bank wants to broaden its reach in India.
DBS Bank has invested US$99 million into its Indian branch operations, a key component of which will be to establish a wholly-owned subsidiary. DBS currently operates only a few branches in all of India.
CEO Sanjiv Bhasin said DBS is committed to building a universal banking franchise in India. This growth of this franchise could be immeasurably aided by the opening of a wholly owned subsidiary that will allow DBS to expand its operations into smaller Indian cities.
DBS’ Indian operations currently focus mainly on corporate clients. From 2011 to 2012, DBS expanded its offerings to include private equity, debt and SME lending.
DBS has over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in Greater China, Southeast Asia and South Asia.
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