Singapore's DBS Group has received approval to buy a 40% stake in Indonesia's BankDanamon, more than a year after it launched a multi-billion dollar takeover bid.
Southeast Asia's largest bank by assets, secured an extra two months on its deadline to take over PT BankDanamon, in what could amount to Indonesia's largest-ever foreign investment.
The Monetary Authority of Singapore reiterated its May 21 statement, saying it and Bank Indonesia are exploring further access into each other's markets, while Bank Indonesia Gov. Agus Martowardojo said the bank's position was unchanged and that "reciprocal" treatment is one of the considerations to allow DBS buy a bigger take in the BankDanamon.
"If DBS can only buy 40% of Danamon, they will walk away from the deal, " Mr. Koh said indicating that the Singapore bank would not want to be a minority shareholder.