DBS Group Holdings, the largest lenders in Singapore that has been investing in India for a while now revealed that purchasing a stake in government-owned IDBI Bank Ltd. is not on its investment spectrum, even though it prevailed bullish about the country’s growth prospects.
Piyush Gupta, the chief executive officer expressed that they are not looking at a arrangement for the bank. His statement followed after Indian media revealed that DBS was observing to purchasing a stake and had some consultation with finance ministry officials in India’s capital.
DBS has been aggressively enlarging its business in India as compared to any other banks in Singapore. Two years back, it superseded Lakshmi Vilas Bank Ltd. in an agreement instrumented by The Central Bank of India. This happened for the first time when authorities took the guidance of a foreign bank redeems the struggling bank. Since then they are studying to invest more in India to stabilize growth.
“We are bullish on India,” Gupta said at a briefing which took place on Thursday, mentioning the country’s strong growth rate. Yet, he said his attention in the country is on the bank’s latest deal. “We are not in the market to look at anything else now,” he further added.