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DBS Group to inject RMB 2.3 bln into China unit

Apr. 11, 2012 (China Knowledge) - DBS Group Holdings Ltd, the largest bank in Southeast Asia by assets, announced today that it plans to invest RMB 2.3 billion in its China subsidiary in an effort to expand its business in the world's second-largest economy.

DBS Group said in a statement filed with the Singapore Stock Exchange the bank’s capital injection will mainly be used for branch network expansion and online banking business in China.

The new investment, which is still subject to regulatory approval, will be the first capital injection after DBS Group established the DBS China with an investment of RMB 4 billion in 2007.

So far, DBS has expanded its presence in more than ten Chinese cities, including Beijing, Shanghai, Tianjin, Shenzhen, Dongguan and Hangzhou, according to its website.

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