DBS Bank | HOLD
Target price: S$22.40
Sept 5 close: S$20.69
OCBC Research, Sept 5
DBS announced it has secured approval from the Reserve Bank of India to convert its Indian franchise into a wholly owned unit. DBS intends to open about 75 to 90 branches in India in the coming years.
We expect this move to be long-term positive for DBS as it strengthens its presence in this market. Indian banks such as State Bank of India and HDFC Bank have seen significant jump in market capitalisation in the past few...