Singapore-headquartered DBS Group reportedly is to invest RMB120 million into creating a consumer finance company in China alongside Postal Savings Bank of China and five other companies, highlighting how such firms are seeking to penetrate the Chinese market.

Singapore-headquartered DBS Group reportedly is to invest RMB120 million into creating a consumer finance company in China alongside Postal Savings Bank of China and five other companies, highlighting how such firms are seeking to penetrate the Chinese market.

The Singapore bank said it will be the second-largest and only foreign shareholder in China Post Consumer Finance Co Ltd, according to AsiaOne, the news service.

This publication was unable to reach the bank at the time of going to press to confirm details; its website made no reference to the matter as far as could be ascertained.

The transaction is not expected to have any material impact on the bank's financial position for the fiscal year ending 31 December, 2015, DBS is reported to have said.