DBS

DBS Said to Agree to Buy RBS Onshore India Corporate Loan Book

(Bloomberg) -- DBS agreed to acquire RBS’s onshore corporate loan portfolio in India, people with knowledge of the matter said.
• DBS will purchase ~18b rupees ($369m) of corporate loans from RBS
• Loans will be bought at face value
• Portfolio includes a loan to Vodafone India of ~10b rupees, which the company will prepay by the end of the month
• DBS plans to complete the purchase by the end of the month, after receiving regulatory approvals.

While the acquisition ties in with its plans for the Indian market, no significant impact on DBS given that the Indian portfolio only accounts for 0.13% of the group's entire loan book of $287b. DBS currently trades at 0.96x P/B.