DBS Bank Taiwan (星展銀行) on Tuesday said that it aims to help Taiwanese companies expand their business in India, after its Singapore-based parent launched a subsidiary in the South Asian nation.
DBS Bank Ltd on Monday said that its wholly owned subsidiary DBS Bank India Ltd would expand its business in India, DBS Bank Taiwan general manager Lim Him-chuan (林鑫川) said in a statement.
Even though the Taiwanese subsidiary did not participate in the launch, it plans to introduce its clients to the market, as many have expressed interest in India due to the nation’s booming tech industry in the past few years, Lim said.
The bank has the advantage of cross-border insight for Asia, Lim added.
The government’s New Southbound Policy aims to develop economic ties between Taiwan and ASEAN members, as well as other nations, including India, by helping Taiwanese corporations expand their business overseas, DBS Bank Taiwan institutional banking group head Tony Luo (羅綸有) said.
DBS Bank said in a statement that it has operated in 12 Indian cities since opening its first branch in the country in 1995 and has acquired more than 2.5 million customers after launch online services nearly two years ago.
After establish its Indian subsidiary, it said it would accelerate growth by serving larger corporates, small and medium-sized enterprises and individual customers.
DBS Bank India is to establish more than 100 branches or kiosks in 25 cities over the next 12 to 18 months, and plans to open nine branches this month, it said.
It is to open new branches in cities where DBS Bank already has a presence, such as Mumbai and Delhi, as well as five in rural regions, it added.
“As an Asian bank, it is imperative that we take a long-term view of the region. We believe it is important to continue investing in Asia’s two biggest markets: China and India,” DBS Bank CEO Piyush Gupta said.
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