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.
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