Singapore-based DBS Bank expands in India by establishing a wholly-owned subsidiary with over 100 physical touchpoints in 25 cities.
Underlining its commitment to India, DBS Bank announced the launch of its locally incorporated wholly-owned subsidiary, DBS Bank India Limited (DBIL) on Monday.
This marks a key milestone for the bank, which has been present in India for 25 years. DBS set up a representative office in India in 1994 and opened its first bank branch in 1995. It currently operates in 12 cities: Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Pune, Nashik, Surat, Kolhapur, Salem, Cuddalore and Moradabad.
Combination of Branches and Kiosks
With DBIL, DBS will accelerate its growth plans, expand its operations and build greater scale in India through a «phygital» model to further serve large corporates, small and medium enterprises (SMEs) and individual customers.
DBIL intends to establish over 100 customer touchpoints – a combination of branches and kiosks – across 25 cities in the next 12-18 months. This month, DBIL will open nine new branches and extend its reach to Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore and Ludhiana.
Long-Term View is Imperative
In addition, it will expand within cities where it is already present in, opening branches in Andheri in Mumbai, as well as Gurugram and Noida in the National Capital Region. It will also open five branches in unbanked rural centres.
«As an Asian bank, it is imperative that we take a long-term view of the region. We believe it is important to continue investing in Asia’s two biggest markets – China and India. The creation of a full-fledged subsidiary in India allows us to scale up further and bring to customers a more compelling proposition,» Piyush Gupta, Group CEO of DBS said.
Largest Hub Outside Singapore
To further advance its digitalisation and innovation thrust, the bank established its largest technology and operations hub outside Singapore, DBS Asia Hub 2 in Hyderabad, in 2016.
