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DBS to buy 13% stake in privately-held Chinese lender for $814 million

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·1 min read
People pass DBS signages at an event in Singapore
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(Reuters) - Southeast Asia's largest bank DBS Group said on Tuesday it plans to buy a 13% stake in privately-held commercial lender Shenzhen Rural Commercial Bank Corp (SZRCB) for 5.29 billion yuan ($814.26 million).

The company said financial authorities in Singapore and China had approved the deal and was in line with its aim to expand in the rapidly growing Greater Bay Area in China.

A DBS unit will buy 1.35 billion new shares in the Chinese company at 3.91 yuan per share, making the Singapore-based lender the largest shareholder in SZRCB.

In September, DBS received approval from China's securities regulator to form a joint venture securities company in which it would have a controlling stake, allowing DBS to engage in brokering, investment consulting, securities underwriting and sponsorship in the country.

Earlier on Tuesday, Reuters exclusively reported DBS was among a clutch of banks looking to bid for parts of Citigroup's consumer business in Asia.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Sriraj Kalluvila)