|
|
|
Tuesday March 25, 9:53 PM
Singapore's DBS Bank in major expansion in IndiaSingapore's DBS Bank said Tuesday it has received approval to open eight new branches in India, boosting its operations in the world's second most populous nation. Southeast Asia's biggest bank said in a statement the new branch operations will be spread across Bangalore, Chennai, Kolkata, Moradabad, Nasik, Pune, Salem and Surat in addition to two existing branches in Delhi and Mumbai.
"This is a key market for DBS and we are delighted to be able to serve customers in India through a larger and deeper banking network across 10 cities." All eight branches are expected to be operational within the next 12 months, DBS Bank said. DBS Bank in India offers wholesale banking products and services to corporations as well as small- and medium-sized enterprises. It also offers wealth management services. Expanding its presence in India is part of DBS Bank's efforts to strengthen operations in Asia's high-growth markets, the lender said. Last week, DBS Bank received a license to operate a representative office in the Vietnamese capital Hanoi, and in February it announced the acquisition of the "good" assets of Taiwan's Bowa Bank. DBS Bank, Singapore's biggest bank by assets, has operations in 15 Asian markets, including Hong Kong, China, Indonesia, Malaysia, Thailand and the Philippines.
|
|
Copyright ©
2008
AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.
|
