DBS CEO focusing on bolt-on acquisitions to support growth in key markets, optimistic about Asia

From Investing.com: 2024-07-09 05:00:36

DBS Group CEO Piyush Gupta is focusing on bolt-on acquisitions to support the bank’s strategic growth, ruling out major buys to avoid distraction. Despite geopolitical risks, DBS remains optimistic about Asia’s economic growth rates, which are double the global average, especially in major markets like China, India, Indonesia, and Taiwan.

DBS, the largest bank in Singapore and Southeast Asia, completed the acquisition of Citigroup’s consumer banking business in Taiwan last year, becoming the largest foreign bank in the country by assets. Gupta emphasizes the importance of staying true to their strategy of building out wealth, SME retail, and transaction services businesses in key markets.

DBS is now the largest shareholder in China’s Shenzhen Rural Commercial Bank, providing a footprint in the Greater Bay Area. With a focus on digital transformation and AI, DBS is bullish on the area’s growth potential and expects good returns on its investment. The bank posted record quarterly results in May and anticipates exceeding last year’s net profit in 2024.

DBS shares have surged 23.1% this year, outperforming peers OCBC and UOB. Analysts attribute the share gains to expectations of a higher interest rate environment. For live coverage of the World Stage at the Reuters NEXT forum, visit https://www.reuters.com/world/live-video-reuters-next-apac-2024-07-09/.



Read more at Investing.com: DBS CEO says bank hunting for bolt-on deals, not game-changing ones By Reuters