DBS Group Holdings Ltd. boosted its shareholding in unit DBS Bank Ltd.

The group subscribed to an additional 36,599,099 ordinary shares in the capital of the bank for an aggregate issue price of S$650 million in cash. Following the subscription, DBS Group's shareholding rose to 2,611,242,440 ordinary shares in the bank, according to a Dec. 23 statement.

The acquisition is not expected to impact DBS Group's financial results for the year ending Dec. 31.

As of Dec. 26, US$1 was equivalent to S$1.45.