SINGAPORE - DBS Group is looking for bolt-on acquisitions that would support its geographic and business strategy but has ruled out making a major buy to save itself from distraction, its chief executive Piyush Gupta said on July 9.
DBS CEO Piyush Gupta speaks at the Reuters Next conference in Singapore on July 9, 2024.
"We have focused on building out a wealth business, we have tried to grow SME retail business, we have tried to build out transaction services business, and so as long as we can do bolt-on deals that play to that strategy in the big markets and the lines of business we will always look for opportunity," he said.
"It's a nice bank, it's wholly in Shenzhen ... we are the largest shareholder, it's in the small to medium enterprise space, it has nothing in property or real estate, it's relatively clean," Mr Gupta said when asked if DBS wanted to increase its ownership stake.
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