DBS to acquire largest stake in Shenzhen Rural Commercial Bank for S$1.08 bil

SOUTH-EAST Asia's largest lender DBS will acquire a 13 per cent stake in Shenzhen Rural Commercial Bank (SZRCB) for 5,286 million yuan (S$1.08 billion), in a move that will make it the largest shareholder of the Chinese bank.

In a statement on Tuesday, DBS said it will acquire 1.35 billion new shares in SZRCB at 3.91 yuan per share, representing 1.01 times the book value per share of SZRCB, as at end-December 2020.

"The investment is in line with the group's strategy of investing in its core markets, and accelerates its expansion in the rapidly growing Greater Bay Area," the statement said.