In the next three years, Singapore-headquartered DBS Bank has plans to open 50 branches in India. DBS Bank wants to benefit from India’s new policy for foreign lenders. The Asia-focused bank currently offers wealth management and deposit products in India.
DBS is among the few foreign banks that have been open to go the WOS (wholly owned subsidiary) route, the bank said.
The Reserve Bank of India, as part of its move to reform the country’s financial sector, has said that foreign lenders that move to a wholly owned subsidiary structure will be given nearly equal treatment as local banks.
The policy failed to enthuse banks such as Citigroup, Standard Chartered Bank, HSBC and Deutsche Bank though it gives international lenders an opportunity to expand more freely in the country. These banks say they are in no hurry. DBS, however, plans to scale up its presence in the country’s retail banking segment.
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