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DBS turns Indian franchise into wholly-owned unit
It plans to build 75-90 branches in India.
DBS received approval from the Reserve Bank of India (RBI) to convert its Indian franchise into a wholly-owned unit.
According to an OCBC report, DBS intends to open about 75-90 branches in India in the coming years.
"We expect this move to be long-term positive for the DBS as it strengthens its presence in this market," OCBC said.
Banks from India, like State Bank of India and HDFC Bank, have seen a significant jump in market capitalization in the past few years.
HDFC Bank’s market capitalisation grew by a compound annual growth rate (CAGR) of 27% from 2014 to 2017, whilst its net income grew by a CAGR of 20%.
Currently, DBS’s share has fallen from a recent high of S$22.25 to the current price of S$20.35, due to the current weak sentiment for oil and gas stocks.
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