DBS's Islamic Bank of Asia 'to progressively wind down'
Unit unable to achieve economies of scale; DBS to continue developing, distributing products within its main operations
Singapore
DBS Group Holdings, Singapore's biggest lender, said on Monday that its Islamic banking unit would be progressively wound down.
"After much consideration, the board of directors of The Islamic Bank of Asia Limited (IB Asia) has unanimously agreed to progressively wind down IB Asia. As a separate legal entity, IB Asia is unable to achieve economies of scale," the bank said in a short filing to the Singapore Exchange on Monday evening.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to log into digibank, PayLah! on Thursday
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Amazon bets big with CrowdStrike on cybersecurity products
Goldman Sachs scraps EU-era bonus cap for top bankers in UK: source
Thomson Reuters lifts 2024 forecast on first quarter revenue result
US: Wall St opens higher after Fed leaves interest rates alone