A bill to be gazetted in December aims to bring the merger of three SAR banks under the Development Bank of Singapore (DBS) to a formal conclusion.
The Dao Heng Bank Limited (Merger) Bill will combine all the business, assets and liabilities of Dao Heng Bank, Overseas Trust Bank (OTB) and DBS Kwong On Bank into a single entity.
Singapore's DBS Group spent HK$45 billion to take over Dao Heng Bank and its subsidiary OTB in April last year.
In 2000 DBS bought the smaller Kwong On Bank and renamed it DBS Kwong On.
The group has started to consolidate the branch networks of the three banks in the past year but they are still operating under different names.
Should legislators pass the merger bill in a vote early next year it will complete the merger under Dao Heng Bank.