Mumbai, Sep 4 (IANS) DBS Bank India on Monday said that it has received “in-principle” approval from the Reserve Bank of India (RBI) to convert its existing India-based franchise to a “locally incorporated wholly-owned subsidiary (WOS)”.
“DBS has been present in India for over 20 years. Over this time, we have grown to become the fifth-largest foreign bank in India,” said Piyush Gupta, CEO, DBS Group.
“As we look into the future, I believe India’s consumption boom, investment and export drive, as well as positive policy action, will further fuel its growth, making it one of the biggest stories in Asia by 2030.”
“With this local incorporation, DBS will be able to build greater scale in India, enabling us to better participate in India’s rise,” Gupta said in a statement.
According to the company, it will deepen its relationship with large corporates by offering financing solutions across their entire value chain.
“While the bank will continue to actively leverage its Asia-wide connectivity to drive profitable growth through cross-border banking solutions, WOS will enable the bank to offer competitive transaction banking and supply chain solutions through specialised offerings that span both cash management and trade finance in the local markets as well,” the statement added.
DBS India is part of Asia’s leading financial services group DBS Group Holdings. DBS was the first Singapore bank to set up a representative office in India in 1994, upgrading it to a formal bank branch in 1995.
It is currently the largest Singapore bank in India and the country’s fifth-largest foreign bank by assets.