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December 22, 2015updated 04 Apr 2017 12:48pm

DBS Bank sets up wholly owned subsidiary in India

DBS Group Holdings (DBSH), a Singapore-based banking group, has opened a new wholly-owned subsidiary in Hyderabad, India.

DBS Group Holdings (DBSH), a Singapore-based banking group, has opened a new wholly-owned subsidiary in Hyderabad, India.

Known as DBS Asia Hub 2, the new subsidiary will have INR705m in initial paid-up share capital.

The unit would primarily focus on offering technology-related services to DBS Group.

"The establishment of DBS Asia Hub 2 has no material impact on the consolidated net tangible assets or earnings of DBSH and its subsidiaries for the financial year ending 31 December 2015," DBS said in a statement to the Singapore stock exchange.

Directors or controlling shareholder of DBSH will not have any direct or indirect interest in the new subsidiary, the statement added.

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