DBS Denies Interest in IDBI Bank While Staying Bullish on India
- CEO Gupta says he isn’t looking at anything in the market now
- DBS had bought struggling Laxmi Vilas Bank two years ago
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DBS Group Holdings Ltd., Singapore’s largest lender that has been investing in India, said buying a stake in government-owned IDBI Bank Ltd. is not on its radar, even though it remained bullish about the country’s growth prospects.
Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi.