www.thejakartapost.com - The Indonesian central bank (Bank Indonesia) is set to invite the management of Singapore’s DBS Group to discuss the company’s plan to buy 99 percent of Bank Danamon (BDMN) shares.
“We will ask what they will do and about their intentions [on buying Bank Danamon],” said BI deputy governor Muliaman Hadad on Wednesday.
He said the meeting was part of the standard operating procedure. (source)
Hadad said he would also raise the need of reciprocal cooperation, in which the central bank would ask for greater access from Indonesian banks to establish branch offices in Singapore.
Previously, DBS had prepared S$9.1 billion (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.
Currently, Bank Danamon is Indonesia’s sixth-largest bank by assets, with total assets of Rp 127 trillion. (yps/dic)
Source : - April 4, 2012
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