SINGAPORE, Oct 14 - DBS Group
"The business has to adapt to prevailing conditions in India," a DBS spokesman said, confirming an earlier report in the Times of India newspaper that its subsidiary will close 75 of its 260 branches and 200 people will lose their jobs.
DBS, which is Southeast Asia's biggest lender, has a 37.5 percent stake in Cholamandalam DBS Finance.
DBS and Cholamandalam Investments and Finance Company agreed to form the joint venture in the middle of 2005.
Quoted from yahoo news
Why closing these at this time? To take advantage of the current crisis to cut and streamline processes ? Or they are really losing grounds in India?
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