Singapore-based DBS Bank is likely to trim its network of 600 branches in India in the next two-three years as part of rationalisation of operations, accord is to a media report.
As stated by the Business Standard, the lender already cleared its 560 branches post its merger with Lakshmi Vilas Bank (LVB) with its Indian subsidiary DBS Bank India in the fourth quarter of calendar year 2020.
And the collective deposits of its Indian operations appeared at SGD 9 billion and net advances were at SGD 5.6 billion at the end of December 2020.
Prior to the merger, Shakti Sinha, then director of LVB, had sated that for a bank of its size, a network of 563 branches was large. Sinha then said that in the age of digital banking, there is a possible of rationalising LVB’s branch network, Sinha had said.In a post-results media interaction, Piyush Gupta, chief executive of DBS Group, said: “Do we need 600 branches? I do not think”. The bank, however, did not indicate the number of branches it planned to rationalise.
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Before the merger, Shakti Sinha, then director of LVB, had said for a bank of its size, a network of 563 branches was huge. In these days of digital banking, there is all the possibility of DBS Bank India rationalising LVB’s branch network.
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