The bank plans to open nine new branches in March alone.
DBS Bank is going physical in India with the launch of a locally incorporated wholly owned subsidiary called DBS Bank India Limited (DBIL).
The unit is aiming to set up over 100 branches and kiosks across 25 cities over the next 12-18 months. DBIL plans to open nine new branches and extend its reach to Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore and Ludhiana in March alone. The bank will also strengthen its presence in Andheri, Gurugram and Noida and open five branches in unbanked rural centres.
DBIL aims to leverage its “phygital” model in India to serve large corporates, SMEs and individual customers, according to a statement.
“The launch of DBIL will enable us to further build our relationship with our customers and create differentiated offerings as financial services continues to transform rapidly with changes in technology and consumer preferences,” said DBS Bank India CEO Surojit Shome.
The Singapore lender has been present in India for 25 years through a representative office in India in 1994 and its first bank branch in 1995. It also launched its mobile banking service, digibank, in 2016 which has acquired over 2.5 million customers in the country.
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