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Photo courtesy of DBS Bank.

DBS denies interest in India’s IDBI Bank: report

This follows after reports said that DBS is mulling purchase of a stake in the bank.

DBS CEO Piyush Gupta clarified that it is not looking to buy India’s IDBI Bank following reports from local media that the bank was considering purchasing a stake in the government-owned bank.

“We are bullish on India,” Gupta told reporters at a briefing on Thursday, citing the country’s strong growth rate. 

Gupta said that his focus in the country is on the bank’s recent deal. “We are not in the market to look at anything else now,” he added.

ALSO READ: DBS net profit down 3% in H1, but Q2 profits second-highest in history

DBS took over Lakshmi Vilas Bank in a deal orchestrated by the country’s central bank–the first time Indian authorities turned to a foreign bank to bail out a local institution.

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