SINGAPORE - DBS Group has agreed to buy a 13 per cent stake in privately-owned Shenzhen Rural Commercial Bank (SZRCB) for 5.29 billion yuan (S$1.08 billion), part of its plan to accelerate its expansion in China's Greater Bay Area. The investment is also in line with the group's strategy of investing in its core markets. China is one of DBS' six core markets, together with Singapore, Indonesia, India, Hong Kong and Taiwan. DBS chief executive officer Piyush Gupta said: "We see this as a highly complementary strategic partnership that will allow us to double down on the Greater Bay Area and leverage SZRCB's local network and know-how to deepen DBS' Greater Bay Area strategy. "At the same time, we would be able to support the continued growth and digital transformation of SZRCB through our regional presence and digital capabilities." The deal strategically positions DBS to increase its stake in the Shenzhen lender after China eased rules on foreign ownership in the financial services sector, the bank said in its statement on Tuesday (April 20). The investment has been approved by the Monetary Authority of Singapore and the Shenzhen office of the China Banking and Insurance Regulatory...