DBS acquires Kwong On Bank<\/p>\n
SINGAPORE (AFP): Southeast Asia's largest bank, the
\nDevelopment Bank of Singapore Ltd. (DBS Bank), said Thursday it
\nhad completed the acquisition of Hong Kong-based Kwong On Bank.<\/p>\n
Following the acquisition, Kwong On Bank is to be delisted
\nfrom the Stock Exchange of Hong Kong Friday, DBS Bank said in a
\nstatement.<\/p>\n
Kwong On Bank is now wholly-owned by DBS Group Holdings Hong
\nKong Ltd.<\/p>\n
DBS Group Holdings Hong Kong is 87.27 percent owned by DBS
\nBank, while the remaining 12.73 percent is held by previous Kwong
\nOn shareholders including the Leung family, which formerly
\ncontrolled Kwong On Bank.<\/p>\n
DBS Bank continued to operate its Hong Kong branch
\nindependently but it is likely to merge into Kwong On Bank \"at an
\nappropriate time,\" it added.<\/p>\n
The acquisition of Kwong On Bank is part of DBS Bank's
\nregional expansion strategy, which has included forays into banks
\nin Singapore, Thailand, Indonesia and the Philippines over the
\npast two years.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dbs-acquires-kwong-on-bank-1447893297",
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"sponsor": "Okusi Associates",
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