For multinationals looking to reduce their reliance on China, the top alternative locations in Asia so far have been Vietnam and Indonesia.
Both economies have witnessed a boom in exports and foreign investments over the past few years. But now someone new wants to play: Singapore. To gauge the city’s seriousness, look no further than to its largest lender.
DBS Group Holdings may want to purchase 29% of Alliance Bank Malaysia, one of the country’s smallest publicly traded banks, from its top investor. It may even consider raising the stake to 49%, Bloomberg News has reported. If the Malaysian monetary authority approves the proposal, DBS will be able to upgrade its presence, currently restricted to a branch serving corporate clients, to full-fledged banking operations.
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