DBS to acquire a 13% stake in Shenzhen Rural Commercial Bank for $814m.

DBS Bank, a Singaporean multinational banking and financial services corporation, agreed to acquire a 13% stake in Shenzhen Rural Commercial Bank, a commercial bank, for $814m. “We are excited to be the largest shareholder of Shenzhen Rural Commercial Bank and have the opportunity to build a unique value proposition with SZRCB in the Greater Bay Area and beyond. We see this as a highly complementary strategic partnership that will allow us to double down on the GBA and leverage on SZRCB’s local network and know-how to deepen DBS’ GBA strategy. At the same time, we would be able to support the continued growth and digital transformation of SZRCB through our regional presence and digital capabilities. Our ability to execute another strategic transaction shortly after amalgamating LVB in India, is testament to our ability to be nimble and grow, as we leverage on our strong capital position,” Piyush Gupta, DBS CEO.