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DBS says Indian JV to close branches, layoff staff

DBS says Indian JV to close branches, layoff staff
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First Published: Tue, Oct 14 2008. 10 47 AM IST
Updated: Tue, Oct 14 2008. 10 47 AM IST
Singapore: DBS Group, Singapore’s biggest bank, said on Tuesday, 14 October, that its Indian joint venture Cholamandalam DBS Finance is closing 75 branches in India.
“The business has to adapt to prevailing conditions in India,” a DBS spokesman said, confirming an earlier report in the Times of India newspaper that its subsidiary will close 75 of its 260 branches and 200 people will lose their jobs.
DBS, which is Southeast Asia’s biggest lender, has a 37.5 percent stake in Cholamandalam DBS Finance.
DBS and Cholamandalam Investments and Finance Company (Chola) agreed to form the joint venture in the middle of 2005.
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First Published: Tue, Oct 14 2008. 10 47 AM IST