Buy Danamon Singapore's DBS

DBS Singapore on Monday (04/02/2012) announced the purchase of PT Bank Danamon Tbk (DNMN) worth 9.1 billion Singapore dollars or 7.3 billion U.S. dollars (approximately Rp 66.97 trillion).

DBS will pay 6.2 billion Singapore dollars to 67.37 percent of the shares of a subsidiary of Temasek Holdings, Fullerton Financial Holdings, through the issuance of new shares. For the rest, DBS will pay 2.9 billion U.S. dollars in cash, through internal financing and bond issuance.

"Indonesia is Asia an attractive market, we believe can contribute to Indonesia's banking sector," said DBS chief executive Piyush Gupta said in a statement.