South-East Asia’s largest
lender, DBS, is to expand its China-based retail branch network to
50 outlets by 2013.
Its growth plans will be
aided by the acquisition of Royal Bank of Scotland’s (RBS) retail
branches and customer base in three Chinese cities, Shanghai,
Beijing and Shenzhen.
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In terms of an agreement
announced on 15 December, around 25,000 RBS customers in the three
cities will be given the choice of transferring their accounts to
DBS.
DBS China chief executive
Melvin Teo said: “This landmark agreement enables DBS China to
rapidly expand its retail banking customer base, grow its deposit
base and correspondingly, accelerate plans to grow its loan
portfolio, in a market that is of critical importance to
DBS.”
RBS’ ongoing operations in
China will focus on wholesale, investment and private
banking.
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