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DBS opens new subsidiary in India

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DBS opens new subsidiary in India

MUMBAI: DBS Bank, Singapore’s largest lender by assets, has opened a new wholly owned subsidiary in India called DBS Asia Hub 2 Pvt Ltd which will provide “technology-related” services to the banking group.

In a notice to the Singapore stock exchange on Monday DBS Group Holdings, the parent company of the bank said the new subsidiary called Asia Hub 2 Pvt Ltd was established in Hyderabad on December 19 with an initial capital of Rs 70.5 crore.
DBS is on track to be one of the first foreign banks to open a local subsidiary in India as it seeks to diversify its business and gain more branches in the world’s fastest growing emerging market.

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