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.
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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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