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
Add BT as a preferred sourceSingapore
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.
TRENDING NOW
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Should you sacrifice some CPF Life income in favour of ILPs? Tread carefully
