Singapore's largest bank, DBS Bank, has embarked on an expansion of its operations in India. It is entering into investment banking services, opening its second branch and doubling its employee strength, following a capital infusion of $105 million in 2004.
The bank has got a license from the Reserve Bank of India for a branch in New Delhi. The bank plans to open the branch in the July-September 2005 quarter and has plans to recruit about 20 staff members to man the operations.
DBS India chief executive officer Pranam Wahi said the total headcount for DBS in India will double to over 120 by the end of the year from 62 at present.
DBS Bank plans to extend the reach of the New Delhi branch to service small and medium enterprises, corporate and institutional clients in neighbouring cities such as Ludhiana and Chandigarh.
Rajan Raju, managing director and head of south and southeast Asia, DBS Bank, said "the new branch is in line with our plan to grow organically in India. Last year, DBS has committed more resources to expanding our franchise in India. We have hired new talents and injected more capital."
Wahi said DBS will leverage its niche position in Asia, and also focus on clients from the Far East who are establishing businesses in India, and Indian clients wishing to expand their operations into the Far East and China.
DBS' total capital in Indian operations had increased to $122 million as on December 31, 2004, and now also has plans to aggressively grow its loan assets through bigger domestic exposures. DBS Bank was very active in loan syndication in 2004, helping Indian corporates raise $440 million through 13 issues.
It ranked second after Citigroup in terms of the number of issues managed. In India it offers advisory services, trade finance, funding, transactional services and a whole range of treasury solutions.
