DBS bids for Chase's unit

DBS bids for Chase's unit

SINGAPORE (AFP): Singapore banking giant DBS Group has mounted an aggressive billion dollar plus bid for Chase Manhattan's retail business in Hong Kong, a report here said Tuesday.

DBS has refused comment on the offer, but the Business Times report said the bank may have to spend up to HK$1.5 billion (US$868.5 million) to acquire the business.

DBS is Southeast Asia's largest bank in terms of assets. It already owns the Hong Kong-based Kwong On bank and has repeatedly said it wants to expand further in the territory.

Quoting banking sources, the newspaper said HSBC Holdings, Hang Seng Bank, ABN-Amro and Dao Heng were also among the 11 banks which submitted bids for Chase's Hong Kong retail business by last Friday's deadline.

Chase's retail banking business, which includes four branches, four flexi-banking outlets, a head office and 700 staff, involves mortgage loans, personal loans insurance and credit cards.