MUMBAI/NEW DELHI - Lakshmi Vilas Bank is set to be folded into the Indian unit of Singapore's DBS under a plan proposed by the Reserve Bank of India , which took over LVB on Tuesday due to a"serious deterioration" in its finances.
The RBI's proposed plan would give the Singaporean bank's expansion ambitions a fillip as it would vastly increase the footprint of DBS in India, where it only has around 30 branches. "It's positive for DBS as it will get a ready customer base, branch network with this merger, and this works in their favour as they've been looking to expand in India," Asutosh Mishra, a research analyst at Ashika Stock Broking, said.
"DBS will gain a ready customer and deposit base worth 210 billion rupees which otherwise would be challenge to build for a foreign bank," said Mona Khetan, an analyst at Dolat Capital.
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