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Singapore's DBS Bank establishes wholly owned subsidiary in Japan

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Singapore's DBS Bank establishes wholly owned subsidiary in Japan

DBS Group HoldingsLtd. said April 13 that unit DBSBank Ltd. established a wholly owned subsidiary called DBS Securities(Japan) Preparatory Co. Ltd., or DBS Japan, in Tokyo.

The subsidiary has an initial paid-up capital of ¥150 million,comprising 3,000 equity shares of ¥50,000 each.

DBS Japan will market bonds, equities and other securities afterobtaining a license. The establishment of the subsidiary has no material impacton the net tangible assets or earnings of the group or its subsidiaries for 2016,DBS said

On July 15, DBS Bank will redeem US$900 million of floating-ratesubordinated notes and S$500 million of subordinated notes, both due in 2021, thebank said in two separate releases issued the same day.

As of April 13, US$1 wasequivalent to ¥109.29 and S$1.35.