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DBS to buy 13% stake in privately-held Chinese lender for $814 million

DBS is Southeast Asia's largest bank

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DBS Bank | Banking sector | Banks

Reuters 

Southeast Asia's largest bank DBS Group said on Tuesday it plans to buy a 13% stake in privately-held commercial lender Shenzhen Rural Commercial Bank Corp (SZRCB) for 5.29 billion yuan ($814.26 million). The company said financial authorities in Singapore and China had approved the deal and was in line with its aim to expand in the rapidly growing Greater Bay Area in China. A DBS unit will buy 1.35 billion new shares in the Chinese company at 3.91 yuan per share, making the Singapore-based lender the largest shareholder in SZRCB. In September, DBS received approval from ...

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First Published: Tue, April 20 2021. 17:53 IST
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