The amalgamation of Lakshmi Vilas Bank with DBS Bank India will provide stability to LVB's depositors and employees, according to Surojit Shome, DBS Bank India CEO.
“The amalgamation of LVB has enabled us to provide stability to LVB’s depositors and employees. It also gives us access to a larger set of customers and cities where we do not currently have a presence. We look forward to working with our new colleagues towards being a strong banking partner to LVB’s clients,” said Shome in a statement on Monday.
With the amalgamation of LVB with DBS India now complete, the focus is now on integrating LVB’s systems and network.
“The DBS team is working closely with LVB colleagues to integrate LVB’s systems and network into DBS over the coming months. Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services, which have won multiple global accolades,” the statement further said.
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The interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice.
“All LVB employees will continue in service and are now employees of DBIL on the same terms & conditions of service as under LVB,” DBS Bank India further said.
DBS Group plans to inject Rs 2,500 crore into DBIL to support the amalgamation and for future growth.
“This will be fully funded from DBS Group’s existing resources,” it said, adding that DBIL is well-capitalised and its capital adequacy ratios will remain above regulatory requirements even after the amalgamation.
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