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Wednesday, 31 July 2013

DBS fails to buy Bank Danamon


DBS said its attempt to buy Bank Danamon Indonesia has failed.

In a statement on Wednesday, the bank said the conditional share-purchase agreement between DBS Group Holdings and Temasek Holding's wholly owned unit Fullerton Financial Holdings Pte Ltd to acquire its 67 per cent stake in PT Bank Danamon Indonesia Tbk has a long-stop date of Aug 1.

DBS said: "The agreement will lapse after Aug 1, 2013."

DBS' chief executive Piyush Gupta expressed "deepest appreciation to the regulators in Indonesia and Singapore for giving the transaction due consideration".

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