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December 21, 2010updated 04 Apr 2017 1:09pm

DBS to double Chinese unit, RBS bows out

South-East Asias 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 Scotlands (RBS) retail branches and customer base in three Chinese cities, Shanghai, Beijing and Shenzhen. 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.

By Douglas Blakey

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.

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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