DBS Bank announced on April 20, that it has entered into an agreement with Shenzhen Rural Commercial Bank where it will subscribe to a 13% stake for a consideration of RMB5.29 billion ($1.08 billion).

The bank has already obtained approvals from the Monetary Authority of Singapore (MAS) and China Banking and Insurance Regulatory Commission, Shenzhen Office (Shenzhen CBRIC).

The investment, according to DBS, is in line with DBS Group Holdings’ strategy of investing in its core markets and accelerates its expansion in the fast-growing Greater Bay Area via Shenzhen.

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