Asset Acquisitions and Disposals::Approval to amalgamate the business of Lakshmi Vilas Bank Limited with DBS Bank India Limited

Issuer & Securities

Announcement Title: Asset Acquisitions and Disposals
Date &Time of Broadcast: 25-Nov-2020 21:45:12
Status: New
Announcement Sub Title: Approval to amalgamate the business of Lakshmi Vilas Bank Limited with DBS Bank India Limited
Announcement Reference: SG201125OTHR3OWY
Submitted By (Co./ Ind. Name): TEOH CHIA-YIN
Designation: GROUP SECRETARY
Description (Please provide a detailed description of the event in the box below): DBS refers to its general announcement dated 17 November 2020 on the Reserve Bank of India's (RBI) proposed scheme to amalgamate Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).

DBS wishes to announce that the RBI, further to all the approvals from the Government of India, has today formally approved the scheme of amalgamation of LVB with DBIL under Section 45 of the Banking Regulation Act, 1949, India.

Under the scheme, DBIL will take over LVB's INR 20,973 crore (SGD 3.9 billion) in deposits and INR 13,505 crore (SGD 2.5 billion) in net advances (data as of 30 September 2020). It will also absorb LVB's network of 563 branches which are predominantly in South India; over 2 million retail accounts and over 150,000 non-retail clients, and approximately 4,400 employees. DBS will inject INR 2,500 crore (SGD 463 million) into DBIL to support the transaction and for future growth.

The amalgamation will be effective as of 27 November 2020.