Singapore DBS Bank gets approval for eight more branches

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Mumbai, Mar 25 (UNI) Singapore-based DBS Bank today announced that Reserve Bank of India has approved its proposal of opening eight new branches in the country.

The new branches would be located in Bangalore, Chennai, Kolkata, Moradabad, Nasik, Pune, Salem and Surat, DBS said in a statement here today.

All the branches are expected to be operational within the next 12 months. DBS Bank will focus its efforts to grow in India as it sees great potential and opportunity to serve both the corporate and individual customers, bringing the best products and services from across the region, the release said.

DBS Bank, which was having only two branches in the country, will now have 10 branches in key cities across the country. DBS Bank, India, currently has two branches in Delhi and Mumbai.

''This was 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,'' Koh Boon Hwee, Chairman, DBS Group Holdings said.

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, Mr Koh added.

Group's Managing Director and Head of South and Southeast Asia Rajan Raju 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,'' Mr Raju added.

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