DBS Singapore is planning to convert its branch-based banking operation in India into a subsidiary as part of its growth strategy.
"India is one of the core markets and our objective is to get deeper into the market," Amit Sinha, managing director and head of telecommunications media & technology at DBS Singapore told Indian news agency PTI.
When queried about the potential acquisition of a bank in India, Sinha said that DBS would be going for organic growth by setting up more subsidiary-based branches and the soon to be launched digital strategy or virtual banking in the Indian market.
DBS presently operates branches under the Comprehensive Economic Cooperation Agreement, a bilateral trade pact between India and Singapore which sets up various business structures.
Converting the branch operation into subsidiary will transform the Singapore parent group of DBS into a holding company allowing it to set up more subsidiaries in India.
"We still see India as a very core market for us and (how) we can grow beyond that. We are working on (the digital) and we will launch it sooner," PTI further quoted Sinha as saying.