Saturday, March 31, 2012

DBS Group said to be bidding for Bank Danamon stake

SINGAPORE : Southeast Asia's biggest bank DBS Group Holdings is reportedly bidding for a controlling stake in Indonesia's Bank Danamon.

Based on media reports, DBS has offered to acquire the 68 percent stake in Bank Danamon worth about US$3.2 billion from Fullerton Financial Holdings, a unit of Singapore investment firm Temasek Holdings.

Temasek also holds a 29 percent stake in DBS.

A Fullerton Financial Holdings spokesperson confirmed that "it has received an offer for its stake in Asia Financial (Indonesia), which holds shares in Bank Danamon".

DBS has declined to comment.

Earlier on Friday, Bank Danamon requested a trading halt until 2 April because of "the transaction plan".

The Indonesian bank said in a statement that its controlling shareholder, Asia Financial, received an offer from an investor to sell the stake.

View the original article here

Source From Channel News Asia

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