DBS Group Holdings Ltd., Southeast Asia’s largest lender, said it’s facing lawsuits in India related to its recent takeover of a struggling local bank.
DBS Group faces lawsuit after Lakshmi Vilas Bank takeover
DBS Group faces lawsuit after Lakshmi Vilas Bank takeover
DBS’s Lakshmi Vilas acquisition was the first time the RBI turned to a foreign lender to bail out a local bank due to the shadow banking crisis.
Chanyaporn Chanjaroen 20 February, 2021 2:28 pm IST Text Size:
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Mumbai: DBS Group Holdings Ltd., Southeast Asia’s largest lender, said it’s facing lawsuits in India related to its recent takeover of a struggling local bank.
Holders of Lakshmi Vilas Bank Ltd.’s equity shares and Tier-II bonds that were written off before the effective date of amalgamation took legal actions against DBS’s local unit in various high courts in India, the Singapore-based lender said in a reply to questions from Bloomberg News. The acquisition was completed on Nov. 27, DBS said earlier this month.
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