DBS to acquire RBS China units

Move part of the lender’s plan to expand into China, South-East Asia and India.

DBS Group said on Wednesday it will take over British bank RBS's retail and commercial business in three Chinese cities.

DBS Bank and RBS entered into an agreement to transfer RBS' retail and commercial banking customer base, business portfolios and related employees in Shanghai, Beijing and Shenzhen to DBS China, the Singapore bank said in a statement. It did not give the deal value, acording to a report in the Malaysian Star.

DBS currently earns the bulk of its earnings from Singapore and Hong Kong, but aims to expand into China, South-East Asia and India.