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Jakarta Post

DBS ‘confident’ of approval for Danamon takeover

  • Esther Samboh

    The Jakarta Post

Jakarta   /   Thu, April 12 2012   /  11:05 am

Southeast Asia’s largest bank, Singapore’s DBS Group Holdings Ltd., is “confident” of securing approval to takeover Indonesia’s sixth-biggest lender, Bank Danamon (BDMN), despite receiving a frosty reception from local lawmakers, bankers and regulators.

“Given the way the Indonesian laws are structured, the bank is fairly confident and hopeful that it will receive approval within the second half of the year,” Karen Ngui, a managing director at DBS Group, told The Jakarta Post in a statement sent by email on Wednesday.

DBS’ planned US$7.2 billion takeover of Danamon, which would be the biggest such takeover in Southeast Asia, may face a setback after banking regulator Bank Indonesia (BI) hinted that to approve the acquisition, the central bank would seek for equal treatment for Indonesian banks wanting to operate in Singapore, deputy governor Halim Alamsyah t...