DBS looking to increase branches up to 60 in India
Published
DBS Bank — which has applied for a wholly-owned structure — is looking to increase its branch network to 60 in the coming years from the current 12, if it were to get regulatory approval, a news report quoted DBS CEO Piyush Gupta. Gupta said DBS Bank is bullish on India and committed to continue growing its India franchise. According to him, like the bank’s mobile-only Digibank which was launched first in India, the country will be the first market where its digital SME platform will be launched. He said DBS’ growth in India for the next five years is very propitious. The bank took credit pain in the last two years. From a competitive standpoint, the bank is better positioned as it has cleaned up its act, he said. The bank will look into SME lending in order expand its India operations. He said the demographics are going to propel Asia’s growth in the next few years. Asia is growing at 6.5%, three-four times the growth rates of the US and European countries, Gupta pointed.
