Singapore-based lender DBS has applied to
the Reserve Bank of India (RBI) to increase its number of branches
in India from 12 to 16 by the end of 2011.
DBS is already the largest Singaporean
bank in the Indian market and DBS’s subsidiary in India has been
the third largest revenue contributor to DBS Group, after Singapore
and Hong Kong for the past few years.
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The maximum number of branches allowed under
the Comprehensive Economic Cooperation Agreement (CECA) between
India and Singapore is 16.
A spokeswoman for DBS said:
“DBS is committed to leveraging our extensive footprint to
intermediate the burgeoning intra-Asia trade and investment flows,
as well as the growing regional connectivity, to serve our
customers better.”
DBS currently has 17 outlets in nine major Chinese cities.
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By GlobalDataThe spokeswoman for DBS added that an agreement with the Royal
Bank of Scotland, offering around 25,000 of its retail and
commercial banking customers in Shanghai, Beijing and Shenzhen the
option of moving over to DBS China, is also progressing well.
She explained that in India DBS is focused on banking
corporates, high net worth individuals and emerging affluent
customers.
