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DBS acquisition of Bank Danamon
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katak88
Senior |
28-Apr-2012 18:21
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Indonesia delays S$9.1b DBS-Danamon deal Posted: 28 April 2012 1357 hrs JAKARTA: Indonesia's central bank said on Saturday it would not approve a S$9.1 billion (US$7.3 billion) acquisition of Bank Danamon Indonesia by Singapore's DBS until new rules covering foreign ownership were in place. Bank Indonesia said it would re-evaluate a current rule that allows private investors -- both foreign and Indonesian -- to own stakes as high as 99 percent in Indonesian banks before assessing DBS's planned acquisition. " It's not that we're delaying approval for the DBS deal, we will just start evaluating DBS's plan after we issue our new bank ownership rules," Bank Indonesia spokesman Difi A. Johansyah told AFP. " Hopefully, the regulation will be issued by the end of May or early June." He said the new rules will apply equally to local and foreign investors, saying the regulation was for the " sake of prudence" and was not aimed at blocking foreigners. Johansyah declined to say how the 99 percent ownership cap would be affected, but said financial institutions " with a proven track record" will be able to own " a majority" . " Non-financial institutions will only be able to own a minority stake," he added. The new rules will also oblige banks to acquire several new licences for different services such as taking deposits, setting up ATMs and opening branches, the Jakarta Globe daily quoted Bank Indonesia Governor Darmin Nasution as saying. The DBS-Danamon deal announced earlier this month triggered a rash of nationalistic complaints by politicians and banking executives that the 99 percent allowance for foreign ownership was too high. The backlash echoes nationalistic comments made recently over the country's mining industry, which prompted parliament in February to strip foreigners of a controlling stake in mining assets after 10 years of production. Danamon is already controlled by a subsidiary of Singapore's investment firm Temasek Holdings' Fullerton Financial Holdings but the deal would still require the approval of Indonesia's central bank. - AFP/al |
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katak88
Senior |
25-Apr-2012 22:59
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DBS minority holders voice concerns about Danamon deal
Minority shareholders of DBS Group on Wednesday voiced concerns about the planned acquisition of Indonesia’s Bank Danamon, noting the large premium DBS will have to pay as well as the drop in share price since the deal was announced. Shareholders who attended DBS’s annual general meeting also asked what steps the bank had taken to minimise the risk of Indonesian regulators and politicians vetoing the deal, citing Singapore Exchange’s failed US$7.8 billion ($9.7 billion) takeover of Australian rival last year. |
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hlfoo2010
Veteran |
25-Apr-2012 14:22
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THINK it will make him think better if he stay in JAKArTA for 10 months ???? | ||
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niuyear
Supreme |
25-Apr-2012 14:14
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The more countries it show its presene, the more 'ATM scandals' ..
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katak88
Senior |
25-Apr-2012 14:12
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Shareholders voice concerns over DBS' acquisition of Bank Danamon By Thomas Cho | Posted: 25 April 2012 1317 hrs SINGAPORE: DBS Group Holdings' shareholders have voiced concerns regarding the proposed acquisition of Bank Danamon Indonesia at its annual general meeting (AGM) on Wednesday. These include pricing for the Danamon deal and potential risks of operating in Indonesia. Earlier this month, DBS said it plans to acquire Danamon for S$9.1 billion. If the deal goes through, it will make DBS the fifth largest bank in Indonesia. Responding to shareholders, DBS CEO Piyush Gupta says in order for DBS to be a pan Asian bank, it needs to have strong presence in China, India and Indonesia. Mr Gupta adds that DBS is not overpaying for Danamon, which has a customer base of six million and offers access to a mass market in Indonesia. Meanwhile, DBS Chief Financial Officer Chng Sok Hui says there are very few acquisition opportunities in Asia and Danamon offers DBS a controlling stake. DBS Chairman Peter Seah assures that the bank will not seek extra capital from shareholders to fund the proposed acquisition. - CNA/ck |
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