DBS aims to grow in China and India
Monday, 8 February 2010
SINGAPORE, Feb 7 (Bloomberg): DBS Group Holdings Ltd, Southeast Asia's biggest bank, will focus on growing its operations in China and India without pursuing acquisitions as the lender seeks to reduce dependence on its Singapore home market.
DBS aims for Singapore to account for 40 per cent of revenue in five years, from about two-thirds now, Chief Executive Officer Piyush Gupta said yesterday. Greater China and south and Southeast Asia would each account for 30 per cent, he said.
Gupta, 50, speaking in his first media briefing since becoming CEO in November, said boosting earnings in Asia outside Singapore will be challenging. DBS yesterday posted quarterly profit that exceeded analysts' estimates as investment-banking fees and lending income advanced.
DBS aims for Singapore to account for 40 per cent of revenue in five years, from about two-thirds now, Chief Executive Officer Piyush Gupta said yesterday. Greater China and south and Southeast Asia would each account for 30 per cent, he said.
Gupta, 50, speaking in his first media briefing since becoming CEO in November, said boosting earnings in Asia outside Singapore will be challenging. DBS yesterday posted quarterly profit that exceeded analysts' estimates as investment-banking fees and lending income advanced.