Indonesia to question DBS on Danamon transaction

The Indonesian central bank is set to discuss with the DBS Group about its plan to buy 99 percent of Bank Danamon shares.

“We will ask what they will do and about their intentions,” said BI deputy governor Muliaman Hadad, who added that it is part of the standard operating procedure.

Hadad said he would also raise the need of reciprocal cooperation, wherein greater access could be given to Indonesian banks to establish branch offices in Singapore.

DBS had prepared US$7.2 billion to buy 99 percent of shares in Bank Danamon, with the aim of creating Indonesia’s fifth-largest lender by assets. Both banks are owned by Temasek, an investment fund controlled by the Singaporean government.

“If Bank Danamon is owned by DBS, a banking company which is monitored by a regulator, we can implement cross border supervision. We can share information with its [Singapore’s] banking regulator. But first, we want to talk with DBS,” added Hadad.

For more, click here.

Also Read

ING names Uday Sareen as APAC chief exec and head of wholesale banking

Banks must expand net zero targets, set clearer O&G goals: org

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit