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DBS invests in China bank

DBS Group Holdings said its wholly-owned subsidiary, DBS Bank, has agreed with Postal Savings Bank of China and five other Chinese firms to set up a consumer finance company in China. DBS Bank will be investing 120 million yuan (S$25.85 million) in China Post Consumer Finance Company to become its second-largest and only foreign shareholder, with a 12% share of its registered capital. PSBC, as the major sponsor, will hold a 61.5% share. The bank is one of the largest lenders in China with total assets of 5.58 trillion yuan. It operates close to 40,000 branches and network points and has over 470 million customers in China.

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