dbs-exits-noncore-investment-in-hdfc-bank

DBS exits non-core investment in HDFC Bank

The Singapore bank raises $265 million from the sale of shares in the Indian lender as it continues to strengthen and streamline its balance sheet.

While Asian banks are arguably in a lot better shape than their US and European counterparts, they too are looking at different ways to raise fresh capital to ensure their capital ratios remain strong enough to get through the current recession. As part of this process, the banks are also trying to offload some of their non-core holdings as a way to streamline their investment portfolios and release a bit of extra cash.

Late last week, Singapore's DBS Group sold its entire 2.7% stake in India's HDFC Bank, raising Rs12.9 billion $265 million from a placement that was said to have attracted more than 75 investors. The sale, which was arranged by Deutsche Bank and...

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