labels: RBI
Singapore's DBS gets RBI permission to expand in India news
25 March 2008

Mumbai: DBS Group, Southeast Asia's largest bank by assets, has received permission from the Reserve Bank of India to set up eight new branches and expand its presence in the world's second fastest growing major economy.

Singapore-based DBS, which operates two branches in Mumbai and Delhi, will open branches in Bangalore, Chennai, Kolkata, Moradabad, Nasik, Pune, Salem and Surat.

DBS, which is active in SME, consumer, corporate and transaction portfolios in India, also operates in treasury and market segments.

DBS now plans to offer a complete suite of wholesale banking products and services, including corporate lending and investment advisory services in India.

The bank will also provide wealth management services to the growing ranks of high net worth individuals in the country.

DBS, which has been aggressively pursuing growth opportunities outside its core markets of Singapore and Hong Kong, expects the new branches to start operations within the next 12 months.

DBS is the first from the island-nation to get regulatory nod to open new branches after India and Singapore agreed to open up the financial sector under a Comprehensive Economic Cooperation Agreement (CECA).

As per CECA, three Singapore banks would be allowed to open 15 branches in India and three Indian Banks would be given `qualifying full banking status' (QFB) in Singapore.

The RBI nod follows a mutual agreement with the Monetary Authority of Singapore (MAS).

With DBS getting RBI permission to expand operation in India, MAS is expected to give QFB status to India's largest lender State Bank of India.

As of now, SBI has only one branch in Singapore.


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Singapore's DBS gets RBI permission to expand in India