Considerations are being made at DBS on whether or not to submit a bid for Indonesian lender Bank Permata – its second attempt to enter the Southeast Asian market through an acquisition.
DBS has not yet concluded its decision on whether or not to bid for the bank valued at $2.4 billion, according to a report citing anonymous sources. The submission deadline is believed to be due in about a month.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.
Should it decide to pursue the acquisition, DBS will face competition from OCBC and Sumitomo Mitsui Financial Group. Bank Permata’s current major shareholders include Standard Chartered (45 percent) and PT Astra International (45 percent).
Should DBS proceed, it will mark the second attempt at acquiring a major Indonesian bank. In 2013, DBS failed to acquire PT Bank Danamon Indonesia with its $6.5 billion bid following a change to foreign ownership rules. The Indonesian lender was subsequently acquired by Mitsubishi UFJ earlier this year.