Singapore's DBS Group has received approval to buy a 40% stake in Indonesia's Bank Danamon, more than a year after it launched a multi-billion dollar takeover bid.
"We can approve the 40% ownership of Danamon by DBS and will not give them more unless there is some reciprocity, " said Indonesia's outgoing central bank governor Darmin Nasution.
Southeast Asia's largest bank by assets, secured an extra two months on its deadline to take over PT Bank Danamon, in what could amount to Indonesia's largest-ever foreign investment.