 "Development Bank of Singapore, DBS")
Singapore-based DBS Bank plans to scale down its network of 600 branches in India over the next two-three years as part of rationalisation of operations.
The bank got over 560 branches into its fold when it merged troubled private lender Lakshmi Vilas Bank (LVB) with its Indian subsidiary DBS Bank India in the fourth quarter of calendar year 2020.
The combined deposits of its Indian operations stood at SGD 9 billion and net advances were at SGD 5.6 billion at the end of December 2020.
In a post-results media interaction, Piyush Gupta, chief executive of DBS Group, said: “Do we need 600 branches?
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