chief executive officer Piyush Gupta Said that the lender is not looking at a deal for the bank. His remarks came after Indian media reports that DBS is looking to buy a stake and is in discussions with finance ministry officials in New Delhi.
Among Singaporean banks, DBS has been the most aggressive in expanding into India. Two years ago it took over Lakshmi
Ltd. In a deal struck by the country’s central bank, officials for the first time turned to a foreign lender to bail out a struggling local institution. Since then, it has been looking to invest more in its Indian unit to accelerate growth.
“We are excited about India,” Gupta told a briefing on Thursday, citing the country’s strong growth rate. Still, he said his focus in the country is on the bank’s recent deal. “We’re not in the market to see anything else right now,” he said.
Gupta has long had ambitions to grow into a large emerging market, where banks are lending in response to the growing demand for consumer credit. After the acquisition of Lakshmi Vilas Bank, DBS currently has over 600 branches across 19 Indian states.
Read: India said to allow bidders to buy more than 40% IDBI Bank
Last week, Bloomberg News reported that India’s central bank – which is also the country’s banking regulator – will allow investors to buy up to 40% stake.
Potentially paving the way for the sale of the lender by the government.