Launch of Nashik branch reaffirms smooth expansion of DBS network across 10 cities in India
DBS Bank today announced the opening of its branch in Nashik to serve small and medium-sized enterprises (SMEs) and non-resident Indians (NRIs). The Nashik branch, DBS Bank’s seventh in India, will join an existing network in the cities of Bengaluru, Chennai, Kolkata, Mumbai, New Delhi and Pune.
With three more branches to be launched in Moradabad, Salem and Surat soon, DBS Bank will have a presence of 10 cities across the country.
Headquartered in Singapore, DBS Bank is one of the largest financial services groups in Asia. It has operations spanning across 16 markets, including key markets in China, Hong Kong, India, Indonesia and Taiwan. The bank also holds leading positions in Corporate, Small and Medium-sized Enterprises (SME) financing, Consumer Banking, Treasury & Markets, Wealth Management, Securities Brokerage, Equity and Debt fund raising.
Located in the third most industrialized city in Maharashtra, DBS Bank’s Nashik branch will offer a comprehensive suite of products and services to address the banking needs of SMEs and NRIs in the region. It will also provide doorstep-banking, cash management, and cash and cheque pickup-and-drop services for clients.
Sanjiv Bhasin, Chief Executive Officer of DBS India, said that the Nashik branch, together with its sister branches in Mumbai and Pune, are key locations in the state of Maharashtra: “Nashik is one of the fastest growing cities in India and an important growth market for us. The branch will enable DBS to better serve local enterprises expanding in India and across the region. It will also strengthen the bank’s relationships with some of the leading corporates and business groups in the area.”
Mr Bhasin added: “Nashik and nearby Deolali are home to a sizeable number of NRIs, and DBS will help them connect with their friends and families in Singapore or Southeast Asia. The branch will also provide competitive remittance and currency conversion rates for this client segment.”
The Nashik branch is located at Jolly Plaza, Howson Road at Deolali Camp and is headed by branch manager Mahesh Pathak. It is spread over 2,500 sq ft and is staffed with seven experienced banking professionals.
Mr Bhasin said: “DBS’ key value proposition lies in its ability to provide an Asia-specific focus in its products and services. As a bank with a growing pan-Asian footprint, we will leverage our deep understanding of the region, local culture and insights to serve and build relationships with our customers in Nashik.”
About DBS India
DBS Bank, one of the largest financial services groups in Asia, currently operates with a network of six branches in cities of Bengaluru, Chennai, Delhi, Kolkata, Mumbai and Pune. DBS started its operations in India in 1994 through a representative office in Mumbai, which was upgraded into a full branch one year later. A second branch was opened in New Delhi in 2005. In the same year, DBS acquired a 37.48% stake in Cholamandalam Investment and Finance Co. Ltd, a non-bank financial services firm with interests in consumer finance, asset management and securities. In 2008, the bank received approval to set up eight additional branches in key cities across the country.
DBS provides innovative financial solutions to individual clients, small and medium-sized enterprises (SMEs) and a number of blue-chip companies in India. The bank offers wealth management solutions through its “DBS Treasures” proposition, and provides a wide range of corporate and investment banking services, including corporate lending, treasury services, transaction services and mergers and acquisitions (M&A) advisory. With a net worth of INR 11,368 Mio and balance sheet size of INR 90,864 Mio, DBS’ operations in India are well-capitalised with an 18.15% capital adequacy ratio as of March 2008.
With a strong regional franchise, DBS has the capacity to provide an Asia-specific focus in banking to clients, at a time when trade and investment flows between India and Asia are on the rise. Rated “Best Small Bank"* in a recent survey, DBS is actively involved with local communities through its association with established voluntary charitable organizations in India. For more information, please visit www.dbs.com.sg/in
DBS - Living, Breathing Asia
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is a well-capitalised bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region. As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expanding its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.
