DBS Group To Buy Indonesian Bank For $7.3B

Law360, New York (April 2, 2012, 2:06 PM EDT) -- Singapore-based Asian banking giant DBS Group Holdings Ltd. will acquire a leading Indonesian bank for about $7.3 billion, expanding its presence in one of Asia's fastest-growing countries, DBS Group said Monday.

The bank said it had reached a conditional share purchase agreement with Fullerton Financial Holdings Ltd., a wholly owned subsidiary of Singapore investment banking firm Temasek Holdings Pte. Ltd.

Under the agreement, DBS Group will acquire a wholly owned subsidiary of Fullerton Financial that holds a 67.4 percent stake of Indonesian bank PT Bank Danamon...
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