DBS Group Holdings Ltd. has sufficient capital to bid for Citigroup Inc.’s consumer assets in India valued at S$2.7 billion ($2 billion) without needing to raise additional funds, Sanford C. Bernstein & Co. analysts said. It’s a case of “either go big or go home” for DBS to further expand in India where the Singapore-based bank also acquired Lakshmi Vilas Bank Ltd. in November, Bernstein analysts led by Kevin Kwek wrote in a report Thursday. DBS Chief Executive Officer Piyush Gupta last month said he is interested in the U.S. bank’s assets that are for sale in the South Asian country, as well as in China, Taiwan and Indonesia.
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4 May, 2021 Author Rebecca Isjwara
DBS Group Holdings Ltd. may stay on the hunt for more acquisitions to fuel growth as its small, though high-value, home market of Singapore poses limits on its ambitions of becoming a leading Asian bank, analysts say.
DBS, Southeast Asia s biggest bank by assets, has recently made substantial investments in the large and upcoming markets of Asia, including China and India. It announced on April 20 that it will acquire a 13% stake in Shenzhen Rural Commercial Bank, making it the largest shareholder of the Chinese lender. In November 2020, DBS acquired ailing Indian lender Lakshmi Vilas Bank Ltd.
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DBS Group (SGX: D05)
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