RBS offloads China retail business

DBS Group, Southeast Asia's biggest lender, said it will take over British bank RBS's retail and commercial business in three Chinese cities.

"DBS Bank and RBS today entered into an agreement to transfer RBS' retail and commercial banking customer base, business portfolios and related employees in Shanghai, Beijing and Shenzhen to DBS China," the Singapore bank said in a statement.

It did not give the deal value.

DBS currently earns the bulk of its earnings from Singapore and Hong Kong, but aims to expand into China, Southeast Asia and India