Bank Danamon outlines $335 million rights issue

The Indonesian bank, which is two-thirds owned by Temasek, offers new shares at a 55.6% discount to yesterday's close, although the deal won't open until early April.

Indonesia's Bank Danamon yesterday announced details of a Rp4 trillion $335 million rights issue that had been widely anticipated by the market, joining a series of Asian banks seeking to add fresh equity capital to their balance sheets.

Danamon, which ranks as Indonesia's fifth largest commercial bank in terms of assets, is already one of the most well-capitalised banks in Asia with a capital adequacy ratio of 15.4% and a tier-1 ratio of 13.8%, but the bank said it is...

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