DBS Group Holdings Ltd., Singapore’s largest lender that has been investing in India, said buying a stake in government-owned IDBI Bank Ltd. is not on its radar, even though it remained bullish about the country’s growth prospects.
Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi.
Among Singapore banks, DBS has been the most aggressive in expanding in India. Two years ago, it took over Lakshmi Vilas Bank Ltd. in a deal orchestrated by the country’s central bank, the first time authorities turned to a foreign lender to bail out a struggling local institution. Since then, it’s looking to invest more in its India unit to accelerate growth.