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The Development Bank of Singapore (DBS), which has estimated assets of US$355 billion, is set to start operations as a local bank in India. With the Reserve Bank of India approving DBS to open branches across the country as a local subsidiary, the bank will become the 5th largest foreign-owned bank in the Indian sub-continent.
With this approval, DBS is planning to expand its reach from 12 existing branches to 75 in India within the next few years.
Interacting with the reporters from International Investment, Piyush Gupta, CEO DBS Group, confirmed the final approval from RBI. He further added that DBS has a mid-term plan of expanding to 75 branches and a long-term plan of opening 90 branches. The bank expects to boost its net investment. which is presently around US$1bn.
Gupta said, “Physical points of presence will help us get into new businesses like supply chain financing, SME lending, transaction banking and consumer finance which require points of presence across the country.”
DBS has been operating as a local subsidiary in countries like China, Taiwan, Hong Kong, Indonesia, and is very optimistic about its growth potential in India, according to Gupta.