Asset Acquisitions and Disposals::ESTABLISHMENT OF A WHOLLY-OWNED SUBSIDIARY

Issuer & Securities

Issuer/ Manager
DBS GROUP HOLDINGS LTD
Securities
DBS GROUP HOLDINGS LTD - SG1L01001701 - D05
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
15-Feb-2018 08:09:17
Status
New
Announcement Sub Title
ESTABLISHMENT OF A WHOLLY-OWNED SUBSIDIARY
Announcement Reference
SG180215OTHRCYJK
Submitted By (Co./ Ind. Name)
GOH PENG FONG
Designation
GROUP SECRETARY
Description (Please provide a detailed description of the event in the box below)
DBS Group Holdings Ltd (DBSH) wishes to announce that DBS Bank Ltd. has completed the establishment of a wholly-owned subsidiary (WOS) in India, DBS Bank India Limited, and shall now proceed to apply for the necessary banking license from the Reserve Bank of India. The initial share capital of this subsidiary is INR475,000,000, comprising of 47,500,000 equity shares of INR10 each to meet initial set-up related expenses.

This is part of the process to convert DBS' existing franchise in India to a locally-incorporated WOS, and is not expected to have any material impact on the consolidated net tangible assets or earnings of DBSH and its subsidiaries for the financial year ending 31 December 2018. None of the Directors or the controlling shareholder of DBSH has any interest, direct or indirect, in the establishment of this subsidiary.