From Nov 27, all Lakshmi Vilas Bank branches will operate under the DBS brand name.

[radioshack]

THE formal nod from India's central bank for DBS to take over cash-strapped Lakshmi Vilas Bank (LVB), announced on Wednesday, will pave the way for South-east Asia's largest lender to gain full control of a sizeable branch network in India.

With this deal triggered by the Reserve Bank of India (RBI), LVB will cease to exist when its amalgamation into DBS India takes effect. All LVB branches will operate under the DBS brand name from Nov 27. This is unlike a typical acquisition, which, under India's Banking Regulation Act, limits foreign investment in a local banking company to 74 per cent.

"Willingness may have been expressed by both sides," said a Jefferies report this week, pointing to hopes of a union from both RBI and DBS.

The merger with LVB will add 563 branches - mostly in southern India - to DBS India's current 34 branches in 24 cities, over two million retail accounts, more than 150,000 non-retail clients and about 4,400 employees, DBS said in a bourse filing on Wednesday night.

https://www.businesstimes.com.sg/co...eXDpGw-mzbN6-csjUJ7JS79PLM#Echobox=1606432922

 

[Weaboo]

they gonna print the dbs logo on a a4 size paper and paste it over their bank signboard?

 

[nymous]

And sinkapore side keep quiet, no sound, nothing... bailout bank when ceca on the verge of collapse...

Really stupid fool.. if ceca can do this means they can blackmail sinkapore anytime with ceca army alrdy inside sinkapore.. holding power

 

[jgyy1990]

Erm let china bank take over le, they more than happy to do so.

 

[articland05]

they gonna print the dbs logo on a a4 size paper and paste it over their bank signboard?

use a pen to write DBS on A4 paper scotch tape at the branch can liao

Sent from Motorola Dynatac 8000X using GAGT

 

[||||||||||]

It's all our cpf money down the drain again

 

[nymous]

And thats it suddenly dbs forced to mass hire ceca while sinkie need to do job sharing...

after that next will be whole dbs for ceca to eat

 

[coolmyth]

First day will spoil DBS name. First day sure bank run there one.

 

[nymous]

Why sinkapore not make any sound? So quiet.. ceca command dbs and everyone keep quiet....

Still want to bring in ceca and give them power?

 

[Sai Baba]

THE formal nod from India's central bank for DBS to take over cash-strapped Lakshmi Vilas Bank (LVB), announced on Wednesday, will pave the way for South-east Asia's largest lender to gain full control of a sizeable branch network in India.

With this deal triggered by the Reserve Bank of India (RBI), LVB will cease to exist when its amalgamation into DBS India takes effect. All LVB branches will operate under the DBS brand name from Nov 27. This is unlike a typical acquisition, which, under India's Banking Regulation Act, limits foreign investment in a local banking company to 74 per cent.

"Willingness may have been expressed by both sides," said a Jefferies report this week, pointing to hopes of a union from both RBI and DBS.

The merger with LVB will add 563 branches - mostly in southern India - to DBS India's current 34 branches in 24 cities, over two million retail accounts, more than 150,000 non-retail clients and about 4,400 employees, DBS said in a bourse filing on Wednesday night.

https://www.businesstimes.com.sg/co...eXDpGw-mzbN6-csjUJ7JS79PLM#Echobox=1606432922

Congratulations DBS. Going to become dominant in the 1.3 billion massive market. Well done.

 

[oddbasket]

Are we an Indian colony now?

 

[OutBreak]

Simi laosai village bank?

 

[Sai Baba]

It's all our cpf money down the drain again

Please don’t anyhow. What to do with CPF and DBS ? Now I know why PSLE branch out to so many categories.

 

[defnull]

if lose money can hold PAP accountable?

this is beyond bullshat

 

[vbhelper]

dbs stock rise today!

 

[PeanutButtor]

Leemember thanks all singaporean for the comphrensive trade deal hor. Sinkies get nothing in return, only loosing their jobs.

 

[laopokcar_g]

Hahahah take over widespread rubbish

Here I have 560 plus toilets full of sai, sizeable spread and reach of sai

 

[greentiger]

Must be able to ring fence their losses in the deal.

Cannot be bottomless pit.

 

[defnull]

i dont see hw they will make money from this

they lost lots of money before takeover, now got covid and India is badly hit economically also, plus last time airtel all these keep losing money

undertable deal? suspicious as ****

 

[laopokcar_g]

This is unlike a typical acquisition, which, under India's Banking Regulation Act, limits foreign investment in a local banking company to 74 per cent.


Hahahah when CECA gives you a 'good' deal, you know you've been fked.

Just ask the jinx