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DBS Bank to convert India franchise into subsidiary

DBS Bank Ltd. established five wholly owned units as part of a process to convert DBS' existing India franchise to a locally incorporated subsidiary.

The bank said in a Dec. 8 release that it established five new investment holding companies called Ganges I Pte. Ltd., Ganges II Pte. Ltd., Ganges III Pte. Ltd., Ganges IV Pte. Ltd. and Ganges V Pte. Ltd. They each have an issued capital of S$2.

DBS Bank is a unit of DBS Group Holdings Ltd.

As of Dec. 8, US$1 was equivalent to S$1.35.