DBS Mulls Second Attempt at Indonesian Bank M&A

Oct 22, 2019Updated Jun 4, 20251 min read

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.

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.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox