DBS Bank Ltd infuses about Rs. 500 Crore of fresh capital to fuel its India operations. The company, plans to keep its focus on corporate banking including wealth management services. As per Sanjiv Bhasin, chief executive officer of DBS Bank India – “This capital infusion should take care of our business expansion needs for the next 12-18 months”.
DBS Bank India, is headquartered in Mumbai and operates via a network of 12 bank branches across India in Bengaluru, Chennai, Cuddalore, Kolkata, Kolhapur, Moradabad, Mumbai, Nashik, New Delhi, Pune, Salem and Surat.
DBS’ set up in India in 1994 when it started its operations via a representative office in Mumbai, which was quickly upgraded to a formal bank branch a year later. The second bank branch was opened in New Delhi in 2005. In 2008, DBS received a major boost to its India growth plans when it received approvals from the Reserve Bank of India to establish eight more branches. These were promptly opened in the financial year 2008-09, resulting in a nationwide presence for DBS across the length and breadth of the country.
DBS, employs over 500 people and is acknowledged as “India’s Best Foreign Bank” (Financial Express-E&Y Survey India’s Best Banks 2010) “India’s Best Small Bank” (Business Today-KPMG Survey India’s Best Banks 2009 & 2010) and “India’s Fastest Growing Small Bank” (Business Today-KPMG Survey India’s Best Banks 2009 & 2010 and Businessworld-PwC Survey India’s Best Banks 2010)