Danamon

DBS gets approval to buy 40% stake in Bank Danamon

Bank Indonesia allows DBS to acquire 40% of Bank Danamon from Temasek, but no more for now.
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Danamon: A complete takeover would value the bank at about $6.8 billion
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<div style="text-align: left;"> Danamon: A complete takeover would value the bank at about $6.8 billion </div>

 

DBS, Singapore’s biggest bank, has been given approval by Indonesia’s central bank to purchase 40% of Bank Danamon. If Singapore permits Indonesian lenders to open more branches in the city-state, then it could lead to a full takeover and would be Indonesia’s largest ever foreign acquisition.

DBS will pay Temasek $2.75 billion for the holding. The state-owned investment company owns 67% of Danamon and holds a 29.7% controlling interest in DBS. In April 2012, DBS made a bid to buy the whole of Danamon, but was prevented by new rules introduced in Indonesia in July that limited individual ownership of its banks to...

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