DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement today. DBS didn’t spend any money on the deal, Melvin Teo, chief executive officer of DBS China, said at a news conference in Shanghai.
DBS Group Holdings, Southeast Asia’s biggest bank, expects to keep up to 80% of the clients it won as part of its acquisition of Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China, the Singapore bank’s Chief Financial Officer Chng Sok Hui told reporters today.
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DBS Group Holdings’s takeover of Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China may add US$900 million ($1.2 billion) in deposits, lowering DBS China’s loan-to-deposit ratio to about 70%. The ratio is currently 79%, falling from 140% at the beginning of the year, Melvin Teo, chief executive officer of DBS China, said at a press briefing in Shanghai today.
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DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement today. DBS didn’t spend any money on the deal, Melvin Teo, chief executive officer of DBS China, said at a news conference in Shanghai.
DBS Group Holdings said it paid no monetary compensation for Royal Bank of Scotland Group plc’s retail and commercial banking businesses in China, Melvin Teo, chief executive officer of DBS China, said at a press briefing in Shanghai today. DBS took over the business because RBS wanted to exit, Teo said.
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DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement on its website today. No amount was disclosed for the transaction, which is expected to be completed within six months.
“The timing seems perfect now with almost no other deals of this size or quality expected in the market this year,” Bruce Macfarlane, head of the advisory team at joint coordinating bank ING, said in an e-mailed statement today.
The three lenders put in place measures to strengthen their internal processes and procedures for offering financial advisory services across all investment products, according to a statement from the central bank today.
Aberdeen Asset Management Plc, Scotland’s largest money manager, is in talks to acquire Royal Bank of Scotland Group Plc’s fund management division, said two people familiar with the discussions.
Aberdeen may buy the unit for as much as 100 million pounds ($227 million) as soon as this month, said one of the people, who declined to be identified because the talks are private. The purchase would add as much as $45 billion of assets under management to the US$237 billion ($331 billion) Aberdeen already oversees.
A third of the staff of the Singapore office of RBS Coutts, a private bank that is part of the Royal Bank of Scotland Group Plc (RBS.L) (RBS), have quit in a mass resignation, RBS said today.
The resignations of 75 people came a few months after Hanspeter Brunner, former co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit, decided to leave the wealth manager and will join Swiss private bank BSI, sources told Thomson Reuters.
A group of Singapore investors sued the three parties, including Royal Bank of Scotland Group Plc, responsible for separately issuing, arranging and distributing securities linked to Lehman Brothers Holdings Inc. for misrepresentation and negligence.
