Foreign investors line up for China financial services play By JIANG XUEQING | China Daily | Updated: 2021-05-06 09:03 Share
DBS stake in Shenzhen rural bank signals rising confidence in new round of opening-up
Foreign financial institutions, or FFIs, are planning to increase investment in China s commercial banks or exploring new business opportunities in the country, as China has strengthened efforts to further open up its financial sector, industry experts said.
Singapore s DBS Group announced recently its subsidiary DBS Bank has received Singaporean and Chinese regulatory approvals to acquire a 13 percent stake in Shenzhen Rural Commercial Bank with 5.29 billion yuan ($815 million).
DBS Bank, a multinational banking and financial services corporation, will use funds owned by the bank to buy 1.35 billion new shares of Shenzhen Rural Commercial Bank, abbreviated as SZRCB, at a price of 3.91 yuan per share.
The Straits Times
DBS to cut office space by 20% in next few years: CEO
DBS plans to give up about 2½ floors of the space it occupies in Tower 3 of the Marina Bay Financial Centre in December.PHOTO: ST FILE
https://str.sg/JFC4
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DBS Q1 profit surges 72% to record S$2 billion, flags strong growth Toggle share menu
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DBS Q1 profit surges 72% to record S$2 billion, flags strong growth
Workers on gondola clean the glass panels of the DBS building in Singapore on August 5, 2015. (File photo: AFP/Roslan Rahman)
30 Apr 2021 09:22AM (Updated:
30 Apr 2021 09:30AM) Share this content
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SINGAPORE: DBS Group trumped market estimates with a 72 per cent rise in quarterly net profit to a record high, as the bank benefited from strong loan growth, improved asset quality and a robust wealth management business.
DBS, Southeast Asia s largest bank, flagged bullish prospects in a recovering global economy and said its new non-performing assets formation was below pre-pandemic levels.
The Straits Times
DBS Q1 profit surges 72% to record $2.01 billion; flags strong year ahead
DBS saw record fee income from broad-based growth, largely boosted by wealth management and transaction services.ST PHOTO: KELVIN CHNG
https://str.sg/JFjM
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MUMBAI: Macquarie Research has valued Citibank’s India retail business at around $2 billion, based on their Basel III disclosures in the country. This makes India the most valuable business among the 10 markets in the Asia-Pacific where Citi plans to exit consumer business. These 10 markets are collectively valued between $6.3 billion and $8 billion by Macquarie.
According to a report by the Australian bank, going by SBI Card’s valuation, Citi’s 2.7 million cards would imply a figure of $2.7 billion. “This is above the top end of our valuation… To the the extent that a single buyer is able to purchase multiple businesses at once, we would expect some sort of valuation discount in order to expedite Citi’s exit,” the report said.