DBS Bank, one of the largest financial services groups in Asia, will foray into full-fledged retail banking services by January next year. The bank has already introduced wealth management services in Mumbai and New Delhi and is planning to roll out retail services across all its branches in a big way. It will sell insurance and mutual fund products, said Pranam Wahi, chief executive officer, DBS Bank India. DBS Bank will also roll out four more branches by October this year, taking the total number of branches to 10, he added.
Addressing a press conference after the launch of DBS Bank?s Chennai branch, he said, “We expect corporates, SMEs and retail businesses to contribute equally to the overall business in 10 years.? Currently, it is focusing on large corporates and SMEs, offering services such as consumer banking, treasury and markets, wealth management, securities brokerage, equity and debt fund raising.
As regards to opening new branches in Moradabad, Nasik, Salem and Surat, DBS Bank is awaiting RBI approval. Meanwhile, it seeks to exploit DBS Cholamandalam?s extensive network to push its retail products.
DBS Bank holds a 37.48% stake in DBS Cholamandalam, a non-banking finance company. ?Both entities are different in nature and will complement each other?s business,? said Wahi.