PTI, Singapore :
A Singapore bank is actively looking to expand in India by converting its branch-based operation into a subsidiary.
“India is one of the core markets and our objective is to get deeper into the market,” said Amit Sinha, Managing Director and Head of Telecommunications Media & Technology at DBS Singapore.
Asked by PTI about the potential acquisition of a bank in India, Sinha said that DBS would be going for organic growth by setting up more subsidiary-based branches and the soon to be launched digital strategy or virtual banking in the Indian market.
Elaborating on the subsidiary plan, he said the Singapore parent group of DBS would become a holding company and convert the branch operation in India into subsidiary which would allow it to set up more subsidiaries in India.
Currently, DBS operates branches under the Comprehensive Economic Cooperation Agreement, a bilateral trade pact between India and Singapore which sets up various business structures.
A Singapore bank is actively looking to expand in India by converting its branch-based operation into a subsidiary.
“India is one of the core markets and our objective is to get deeper into the market,” said Amit Sinha, Managing Director and Head of Telecommunications Media & Technology at DBS Singapore.
Asked by PTI about the potential acquisition of a bank in India, Sinha said that DBS would be going for organic growth by setting up more subsidiary-based branches and the soon to be launched digital strategy or virtual banking in the Indian market.
Elaborating on the subsidiary plan, he said the Singapore parent group of DBS would become a holding company and convert the branch operation in India into subsidiary which would allow it to set up more subsidiaries in India.
Currently, DBS operates branches under the Comprehensive Economic Cooperation Agreement, a bilateral trade pact between India and Singapore which sets up various business structures.
