Danamon defies sceptics

Another equity blowout from an Indonesian bank in a $134 million deal.

As recently as two years ago if you had tried to sell equity in Indonesian banks to international investors you'd have been committed to an asylum, put in a cell and had the keys thrown down a very deep pit.

How things have changed. After Bank Mandiri's successful IPO, the appetite for Indonesian paper remained unsatiated and particularly for banks - which remain a good proxy for any investor wanting to take a bet on the Indonesian economy and its 200 million population.

Bank Danamon - via sole bookrunner, JPMorgan - has hence followed the success of Mandiri with a $134 million sale of IBRA's 20% stake in...

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