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Singapore’s DBS Takes Control of Rural Lender in Push Into Bay Area
Singapore’s biggest bank,
DBS, is putting its chips on China’s Greater Bay Area with the purchase of a 13% stake in
Shenzhen Rural Commercial Bank Corp., marking the first foreign investment in China’s small and medium-sized lenders since 2010.
The Singaporean bank will become the largest shareholder of the Shenzhen rural lender after the deal, under which DBS will pay 5.29 billion yuan ($814 million) for 1.35 billion new shares of the privately owned commercial lender.
The offer represents 1.01 times the book value of the Shenzhen bank’s shares as of Dec. 31, DBS said. The deal was approved by the Monetary Authority of Singapore and the Shenzhen office of the China Banking and Insurance Regulatory Commission.
CHAIRMAN S STATEMENT Dear Shareholders, I would like to thank all Shareholders of Weimob Inc. for their firm trust and support in 2020. 2020 was a year full of challenges and opportunities for the Company. Amid the global economic shock of the COVID-19 epidemic, we swung for the fences and seized the opportunities brought by the epidemic to develop online digital economy, and provided a digital business operating system for customers to facilitate their digital operations. By formulating the Group s strategy of moving up-market (「大客化」), ecosystem build-up (「生態化」) and globalization (「國際化」), we achieved rapid growth against the trend in spite of the impact of the epidemic in our two core businesses, Digital Commerce and Digital Media.