LVB merger: DBS Bank India gets ₹2,500 crore fund infusion from DBS Bank Singapore

LVB merger: DBS Bank India gets ₹2,500 crore fund infusion from DBS Bank Singapore
BCCL
New Delhi, DBS Bank India Ltd (DBIL) on Friday announced it has received capital infusion of ₹2,500 crore from DBS Bank Ltd, Singapore, to support the India franchise, following the amalgamation of the Lakshmi Vilas Bank (LVB) with it.

DBIL is well-capitalised, and its capital adequacy ratios (CAR) remains above regulatory requirements after the amalgamation, the bank said in a statement.

The amalgamation provides stability and better prospects to LVB's depositors, customers and employees following a period of uncertainty, it said, adding that once the integration is complete, customers will be able to access a wider range of products and services, including the full suite of DBS digital banking services.

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The scheme of amalgamation came into effect on November 27.

DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994. It is among the first large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank.

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