The investment, according to DBS, is in line with DBS Group Holdings’ strategy of investing in its core markets and accelerates its expansion in the fast-growing Greater Bay Area via Shenzhen.
DBS Bank announced on April 20, that it has entered into an agreement with Shenzhen Rural Commercial Bank where it will subscribe to a 13% stake for a consideration of RMB5.29 billion ($1.08 billion).
The bank has already obtained approvals from the Monetary Authority of Singapore (MAS) and China Banking and Insurance Regulatory Commission, Shenzhen Office (Shenzhen CBRIC).
