DBS Group Holdings Ltd. said unit DBS Bank Ltd. completed the establishment of a wholly owned subsidiary in India, called DBS Bank India Ltd.
The subsidiary has an initial share capital of 475 million Indian rupees, according to a Feb. 15 bourse filing.
The Singapore-based bank will seek approval from the Reserve Bank of India to begin the unit's operations. The move is part of a plan to convert DBS Bank's existing franchise in India to a locally incorporate wholly owned subsidiary.
As of Feb. 15, US$1 was equivalent to 63.93 Indian rupees.