Business

Amalgamation ensures stability, says DBS Bank India

The amalgamation of the erstwhile Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd. (DBIL) has ensured stability and better prospects for the former’s depositors, customers and employees following a period of uncertainty, the subsidiary of DBS Group Holdings Ltd. said on Monday.

“The amalgamation of LVB has enabled us to provide stability to LVB’s depositors and employees,” said Surojit Shome, CEO, DBIL. “It also gives us access to a larger set of customers and cities where we do not currently have a presence.”

The lender said interest rates on savings bank accounts and fixed deposits would be governed by the rates offered by the erstwhile LVB till further notice. All LVB employees were now on the rolls of DBIL and would continue in service, the Singapore-based group’s Indian banking unit said.

Systems integration

“The DBS team is working closely with LVB colleagues to integrate LVB’s systems and network into DBS over the coming months,” DBIL said in a statement.

“Once the integration is complete, customers will be able to access a wider range of products and services, including the full suite of DBS digital banking services,” the bank added.

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Printable version | Jan 16, 2021 9:41:04 AM | https://www.thehindu.com/business/amalgamation-ensures-stability-says-dbs-bank-india/article33216061.ece

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