Home THE DAILY EDGE Business DBS to take over RBS’ businesses in 3 China cities
DBS to take over RBS’ businesses in 3 China cities

Tags: DBS Group | Dbs Group Holdings | RBS | Royal Bank of Scotland Plc

Written by Reuters   
Wednesday, 15 December 2010 14:08
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DBS Group (DBSM.SI), Southeast Asia’s biggest lender, is taking over Royal Bank of Scotland’s  (RBS.L) retail and commercial businesses in three Chinese cities, expanding its client-base in the world’s second-biggest economy.

The agreement will give 25,000 customers of the British bank in Shanghai, Beijing and Shenzhen the option to transfer their existing accounts and deposits to DBS China, the Singapore bank said in a statement.

Some RBS employees will also move over to DBS as part of the deal.

The statement did not disclose any monetary value for the transaction. An RBS spokeswoman wasn’t immediately able to comment on the deal.

RBS, 83% owned by the UK government, has sold most of its commercial banking units in Asia but still has an investment banking presence in the region. RBS also has banking operations in several other Chinese cities.



Last Updated on Wednesday, 15 December 2010 17:16