Singapore’s DBS has obtained approval from mainland China’s regulators to up its stake in Shenzhen Rural Commercial Bank.
DBS has obtained the requisite regulatory approvals to up its stake in Shenzhen Rural Commercial Bank Corporation (SRCB), according to a statement.
The Singapore lender acquired 383.6 million shares for 5.25 Chinese yuan ($0.74) each from Shenzhen Huaqiang Asset Management. Thereafter, it has increased its stake from 13 percent to 16.69 percent. The transaction will have an impact of less than 0.1 percent on DBS’s consolidated capital ratios.
DBS first acquired its 13 percent stake in SRCB in April 2021, making it the largest shareholder of the bank.
