DBS’s acquisition of a 13% stake in Shenzhen Rural Commercial Bank (SZRCB), announced on Tuesday, is the biggest development to date for the Greater Bay Area (GBA) – president Xi Jinping’s financial plan to bind Hong Kong together with Guangdong province.
The deal has two primary facets: size; and strategic and geographic relevance.
At Rmb5.29 billion ($814 million), it is a hefty transaction, and from the Singapore lender’s point of view, the deal is important for any number of reasons.
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