DBS Bank plans credit card rollout in 3 years

Singapore-based DBS Bank, which has decided to beef up its Indian operations by adding eight new branches to the existing two across India in the next one month, may launch credit cards in the next two to three years.

The bank, which traditionally focuses on small and medium enterprises (SME) and corporate banking, would also focus on retail banking in coming years, said Pranam Wahi, general manager and chief executive officer of the bank, at a press conference in Kolkata recently.

As a part of its retail banking programme, DBS also plans to set up its own ATMs, subject to the government’s approval, in the next two to three years, he added.

 

“We are expanding fast in the middle market business and will scale up our operations in the SME, consumer finance and transaction banking segments. We aim to replicate our Singapore growth model in India,” Wahi said.

In the financial year, the bank registered a net profit of $25 million (Singapore dollars) from Indian operations, with a corresponding compounded annual growth rate of 70 per cent.