DBS Group CEO Piyush Gupta said that bank plans to get a final approval in the next six to nine months which will allow it to expand from the present 12 branches to at least 75 branches in the next couple of years.
“We have domestic franchises in China, Taiwan, Hong Kong and Indonesia so in that sense, a local subsidiary is in the bank’s DNA. Physical points of presence will help us get into new businesses like supply chain financing, SME lending, transaction banking and consumer finance which require points of presence across the country,” Gupta said.
DBS along with State Bank of Mauritius (SBM) had applied to the RBI to open a local subsidiary in 2015. SBM has already received an in principle approval and is awaiting the final nod from the RBI, India CEO Siby Sebastian confirmed.
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