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DBS Bank to take major stake in Shenzhen bank for RMB 5.3 billion

In a deal valued at RMB 5,286 million (US$814 million), DBS Bank is to acquire a 13% stake in Shenzhen Rural Commercial Bank Corporation Limited (SZRCB) to “accelerate its expansion” in the Greater Bay Area (GBA). According to a press release, DBS Bank has obtained approvals from the Monetary Authority of Singapore and China Banking and Insurance Regulatory Commission, Shenzhen…

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