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DBS India's revenues have grown exponentially over past five years;
bank now executing swiftly on new strategic roadmap

INDIA, SINGAPORE, 30 March 2010 - DBS Bank said today that in line with its recently unveiled strategy to pursue growth in India by focusing on corporates, high networth individuals (HNIs) and emerging affluent customers, it has reached an agreement with the Murugappa Group for the latter to buy over its 37.5% stake in Cholamandalam DBS Finance. DBS remains committed to India, a high-growth market, where it has enjoyed stellar performance over the past five years.

The purchase by Murugappa Group, DBS' joint venture partner, was made at Rs. 91 per share or SGD 2.84 per share, representing a 1.2% premium to yesterday's closing price of Cholamandalam DBS Finance shares traded on the Bombay Stock Exchange. The transaction is expected to be completed on or before 12 April 2010 and is not expected to have any material impact on the financial performance of DBS.

DBS is executing swiftly on the new strategic roadmap unveiled by CEO Piyush Gupta in February - in India, the bank wants to focus on corporate clients as well as the HNI and emerging affluent segments. DBS believes this will best enable it to build on the stellar growth it has enjoyed in India over the past five years. Since 2005, revenues in India have grown exponentially as the bank introduced new product lines, adding to its traditional corporate and institutional banking offerings, new businesses such as wealth management and SME banking. For the financial year ended 31 March 2009, DBS India recorded revenues of Rs. 617 crore (SGD 192 million) and profit after tax of Rs. 259 crore (SGD 81 million). Over the same period, DBS India's headcount has grown by over seven times to about 400.

DBS was recently acknowledged as "India's Best Small Bank" and "India's Fastest Growing Small Bank" (Business Today - KPMG Survey India's Best Banks 2009) and is also the recipient of the "Rising Star Cash Management Bank Award" (The Asset Triple A Transaction Banking Awards 2010 and 2009).

DBS India also expanded its branch network rapidly over the past two years. From two branches - one each in Mumbai and Delhi - in 2005, DBS now has 10 branches in prominent locations across the country. Eight branches - in Bengaluru, Chennai, Kolkata, Moradabad,Nashik, Pune, Salem and Surat - opened in quick succession in 2008-09 and have turned profitable within the first year of operations. DBS India recently received regulatory approvals for two more branches in Kolhapur (Maharashtra) and Cuddalore (Tamil Nadu), which will be opened shortly.

DBS and Murugappa Group remain open to future collaboration opportunities in areas such as wealth management and the distribution of financial products.

DBS Chief Executive Piyush Gupta said, "We are at the beginning of what has been heralded as Asia's decade. With a growing network in India, as well as other major emerging markets in Asia, DBS is well-positioned to ride the region's growth. DBS is the first and largest Singapore bank in India, and has enjoyed tremendous growth over the past five years. With the rising middle class and with growing intra-Asia trade flows, we are excited about the opportunities ahead."

DBS India provides a wide range of corporate and investment banking services, including corporate lending, treasury services, transaction services and mergers and acquisitions advisory services to corporates, financial institutions and SMEs. In the personal banking domain, it offers a range of wealth management products. These include products tailored to the needs of customers working or living outside India, comprehensive wealth creation solutions for the emerging affluent segment and "DBS Treasures", a holistic wealth management offering to meet the financial aspirations of HNIs. 

About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is a well-capitalized bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region.

As a bank that specializes in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expanding its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.

DBS acknowledges the passion, commitment and can-do spirit in each of its 14,000 staff, representing over 30 nationalities. For more information, please visit

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