DBS to wind down Islamic banking unit

DBS Group Holdings is winding down its Islamic banking unit, The Islamic Bank of Asia (IB Asia), which it said has been unable to achieve economies of scale. The process of winding down the unit will likely take two to three years. IB Asia, which had been named "Best Islamic Bank in Singapore" by Islamic Finance News in January this year, offers wealth management services to high net worth customers. It also provides treasury, corporate advisory and capital market services to businesses. The move to wind down IB Asia is subject to obtaining approval from its shareholders and receiving regulatory approvals, DBS said.