DBS considering enlarging stake in Shenzhen bank
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DBS bought a 13 per cent stake in Shenzhen Rural Commercial Bank for $1.1 billion in 2021.
ST PHOTO: KUA CHEE SIONG
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TAIPEI – DBS Group Holdings, South-east Asia’s largest lender, is considering raising its stake in China’s Shenzhen Rural Commercial Bank over the next few years, DBS’ chief executive said on Thursday.
DBS bought a 13 per cent stake in the Chinese bank for $1.1 billion in 2021 as part of a longstanding goal of growing in large emerging markets.
The bank is also bullish about business opportunities in Taiwan, where it bought Citigroup’s consumer business, CEO Piyush Gupta told a media conference in Taipei.
The acquisition of Citigroup’s Taiwan consumer units will accelerate DBS’ Taiwan growth by at least 10 years, making it the island’s biggest foreign bank by assets, according to the bank’s presentation. DBS, with 29 branches in Taiwan, expects its credit card and unsecured credit loan business, wealth management assets and current deposits to surge there, it said.
Mr Lim Him Chuan, DBS’ current Taiwan head, said the merger with Citigroup’s Taiwan units will be completed this year. BLOOMBERG
