This brings DBS Bank’s India presence to a total of 10 branches in key cities all across the country. DBS Bank India currently has two branches in Delhi and Mumbai.
DBS Bank is one of the largest financial services groups in Asia with operations in 15 markets and over 13,000 employees. It holds leading positions in Corporate Banking, Transaction Banking, SME, Treasury and Markets and Consumer Banking. DBS is committed to expanding its regional presence through organic growth and strategic acquisitions and alliances, with the objective of adding value to its pan-Asia franchise and maximizing longterm shareholder value.
On receiving the approval Mr Koh Boon Hwee, Chairman, DBS Group Holdings said, "This is a significant milestone for DBS Group as we can now extend our footprint in India. 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."
"DBS’ competitive advantage lies in our strong regional customer franchise, indepth cultural insights and strong banking expertise developed over 40 years of doing business in Asia."
"India is one of the fastest growing markets in Asia and as Asian companies are drawn to invest in India, and as Indian companies venture abroad, DBS being a bank with a pan-Asian footprint can play an important intermediation and advisory role to our customers," said Mr Koh.
Mr Rajan Raju, Managing Director and Head of South and Southeast Asia, DBS Group Holdings said, "With these new licenses in India, DBS Group will be able to service more customers in India through both the Bank and its Joint Venture with the Murugappa Group, Cholamandalam DBS Finance. This presence will allow DBS to extend our existing wholesale banking and wealth management business in India and to connect new customers to our banking network across Asia."
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"We are excited at the opportunities the new branches give to our growing franchise in India. Proximity to our customers means we can better understand and offer tailor-made banking solutions to meet their requirements" said Mr Raju.
DBS Bank in India offers a complete suite of wholesale banking products and services to its corporate and SME customers, including corporate lending, treasury services, transaction services and M&A advisory. It also operates Treasures, DBS group’s highly-regarded Wealth Management business.
Mr Pranam Wahi, Chief Executive Officer, DBS Bank India said, "We see a great opportunity in India and look forward to opening these new branches in the coming months and be able to bring our full range of products and services to the markets. We believe this 10 branch network will allow us a pan-national reach, thereby enhancing our ability to provide the entire gamut of services we offer to a larger audience."
Mr Wahi added that DBS’ capacity to offer an Asia-specfic focus in banking is a unique proposition at a time when trade and investment flows between India and the rest of Asia are on the rise.
In a recent survey done by KPMG-Business Today, DBS Bank was rated as the best small bank in India.
The India market is key for DBS Bank and this expansion is in line with its commitment to strengthen its Asia franchise in high growth markets. Last week, DBS Bank received the license to open its representative office in Hanoi, the Socialist Republic of Vietnam. In February 2008, DBS Bank announced the acquisition of the ‘good bank assets’ of Bowa Bank in Taiwan, with a total of 43 distribution outlets across the country. This investment reinforces the bank’s strategy and enhances its position as a leading provider of financial services in Asia.