DBS keeps the M&A wheel turning

DBS’s latest deal – which has been under secret negotiation since last October – sees the Singaporean bank expand its presence in Hong Kong. The acquisition was not unexpected, given DBS’s recent move to raise $782 million of non-cumulative perpetual tier 1 capital – further expanding its already heavy capital base. M&A specialists knew that this Goldman Sachs- and Morgan Stanley-led deal signalled an acquisition was on the cards.