DBS may change Kwong On name as general offer nets 90pc
The Development Bank of Singapore (DBS) said it acquired not less than 90 per cent of Kwong On Bank's issued capital following a general offer launched on March 18. DBS initially said the 32-branch Kwong On Bank would operate independently of DBS' Hong Kong branch. 'At an appropriate later time, Kwong On may merge with the Hong Kong branch of DBS for increased operational efficiency,' the Singapore government-backed bank said. 'The name of Kwong On Bank will suitably be modified to reflect DBS Bank's majority ownership and identity of the DBS group.'