Singapore's DBS Bank to acquire 13 pct stake in Shenzhen Rural Commercial Bank

来源:Xinhua 作者: 发表时间:2021-04-21 22:59
Xinhua  作者:  2021-04-21
The investment is in line with the strategy of DBS Group to ...

Singapore-headquartered DBS Group Holdings Ltd (DBS Group) announced on Tuesday that its wholly-owned subsidiary, DBS Bank Ltd (DBS Bank), has entered into an agreement to subscribe for a 13 percent stake in Shenzhen Rural Commercial Bank Corporation Limited (SZRCB) for 5.286 billion Chinese yuan (about 813.38 million U.S. dollars).

According to a news release, DBS Bank has obtained approvals from the Monetary Authority of Singapore and the Shenzhen office of China Banking and Insurance Regulatory Commission.

The investment is in line with the strategy of DBS Group to invest in its core markets and accelerates its expansion in the rapidly growing Greater Bay Area (GBA).

DBS Bank will acquire 1.35 billion new shares in SZRCB at 3.91 Chinese yuan per share, representing 1.01 times the book value per share of SZRCB as of December 31, 2020. Upon the completion of the investment, DBS Bank will become the largest shareholder in SZRCB and will have representation on SZRCB's board of directors.

DBS Group said that the investment will allow DBS Bank to increase its exposure to the Chinese mainland, one of its six core markets.

"We are excited to be the largest shareholder of SZRCB and have the opportunity to build a unique value proposition with SZRCB in the GBA and beyond," DBS Bank's CEO Piyush Gupta said. "We see this as a highly complementary strategic partnership that will allow us to double down on the GBA and leverage on SZRCB's local network and knowhow to deepen DBS' GBA strategy."

He added that DBS Bank would be able to support the continued growth and digital transformation of SZRCB through its regional presence and digital capabilities.

编辑:空明
新闻排行榜
精彩推荐