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DBS Bank sets up India subsidiary

DBS Bank has opened a new wholly-owned subsidiary in India. ‘DBS Asia Hub 2’, as the subsidiary is named, has Hyderabad as its head office. DBS said in a statement from Singapore that the Indian subsidiary will have an initial paid-up capital of Rs 70.5 crore. It added that the principal activity of the subsidiary would be to provide technology-related services to DBS Group. The bank has applied to the Reserve Bank of India to convert its branches into a wholly-owned subsidiary. Once approvals are granted, it would have to give another application to RBI for amalgamation of its businesses.

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