Singapore-based DBS Bank has launched its locally incorporated wholly-owned subsidiary in India.
To be known as DBS Bank India Ltd (DBIL), the launch of the Indian subsidiary is part of the group’s strategy to scale up operations in the country.
DBS Bank India: Future plans
As a part of its expansion strategy, the bank plans to open more than 100 customer touch points across 25 Indian cities over the next 18 months.
The plan also includes opening branch offices and kiosks in new cities across the country.
DBS Bank India is set to open nine branch offices this month. It also aims to bolster its footprint in the existing cities as well.
Additionally, the plan includes opening five branches in unbanked rural locations in India.
Through these new proposed branches, the bank intends to serve individual customers, small and medium enterprises (SMEs) as well as large corporates.
DBS group CEO Piyush Gupta was quoted by The Indian Express as saying: “We believe it is important to continue investing in Asia’s two biggest markets – China and India.
“In 2016, we launched digibank, a groundbreaking mobile-only offering, in India. We recently started piloting data-driven lending solutions for small and medium enterprises.
“The creation of a full-fledged subsidiary in India allows us to scale up further and bring to customers a more compelling proposition.”
DBS first established a representative office in India in 1994and opened its first branch in the following year.
Currently, the bank operates in 12 cities including Delhi, Mumbai, Bengaluru, Chennai, Kolkata and Pune.