DBS Bank targets to triple business in India
Singapore-based DBS Bank is aiming to triple the size of its business in India by increasing exposure to consumer loans. The bank is also planning to increase its headcount in the country by 800-1,000 this year.
Recently, DBS Bank converted its Indian branches into a wholly-owned subsidiary, DBS Bank India.
Surojit Shome, CEO, DBS Bank India, said, "We will be focusing on SME and retail over the next five years. Our aim is to get the share of retail business-both liability and assets-to about 30 percent of revenues and profitability."
"The bank aims to triple the size of its balance sheet in the short-run. We crossed Rs 50,000 crores this year. We think, over three years, we can triple that," he added.
Piyush Gupta, CEO of DBS Bank, stated, "Over the last couple of years, unlike others, we were able to put our credit problems behind us. We cleaned up our books, giving us a clean foundation and the opportunity to grow."