Even as the crisis in the global financial sector intensied spreading its wings all across, the Asian financial major DBS Bank is set to go on an expansion drive. The bank is also gearing up to embark on a massive recruitment drive for its 10 branches, that it plans to operationalise by February.
Most foreign banks have not only shelved their expansion plans but are also looking at sizeable job cuts in the wake of the slowdown and global financial crisis. After February, DBS is expected to seek the Reserve Bank of India nod to further opening of branches in the country. As expansion plans take concrete shape, recruitment drive will also intensify.
"We are very bullish about the India market, which is expected to have a high GDP growth rate and here we see a huge growth potential," Sanjiv Bhasin, CEO, DBS Bank, told Hindustan Times.
In the initial phase, the bank, in India, will focus on building a strong deposit base for strengthening its retail portfolio.
Bhasin said that though a new entrant into the Indian market DBS will focus on "slow, steady and sustainable" growth. "We will emphasise on service standards and we hope to build a brand primarily through word of mouth," he pointed out.
DBS Bank, the largest bank in Singapore, is a prominent player in Southeast Asia. The group's primary operations are in Singapore and Hong Kong.
Bhasin added that the bank has identified India and China as its growth market.