DBS seeks to buy Indonesia's Bank Danamon

Sources say the Singapore bank has made a bid for Temasek's 67.4% stake, which is valued at about $3.2 billion at the current share price.

<div style="text-align: left;"> DBS CEO Piyush Gupta seeks to buy Indonesia’s Bank Danamon to boost regional expansion (AFP)</div>

By Anette Jönsson

April 01, 2012

It has been a busy weekend at Bank Danamon Indonesia’s headquarters in Jakarta after the Indonesian lender said after the market closed on Friday that its parent company, which is owned by Temasek Holdings, has received an offer for its 67.4% stake in the bank. According to sources, the bid came from Singapore’s DBS Group, and could end up being the largest bank takeover in Indonesia ever.

Danamon is the sixth largest bank in Indonesia by assets and as of the close of trading Friday it had a market capitalisation of Rp44.09 trillion $4.8 billion. This values Temasek’s stake at about $3.2 billion, before taking into account any potential...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222