DBS seeks China expansion, India incorporation

DBS would want to have 50 branches in China over the next three years and. It also intends to do the same in India by setting up a locally incorporated banking unit.

"We want to try and get to 50 branches in China in the next three years," CEO Piyush Gupta told a news conference. "If the subsidisation thing works out, we probably want to do the same in India in the next three years."

The bank has 16 outlets, including 8 branches, in China, where it has a locally incorporated unit. It has 12 branches in India.

DBS also has plans to convert its Taiwan operation into a subsidiary to rapidly expand in the country. Local incorporation is a requirement before China and India allow foreign banks more complete access to retail banking and locally incorporated foreign banks often win fast regulatory approval to set up branches or launch new products.