RUMOURS of mergers and acquisitions (M&A) are nothing new in the region’s ever-changing banking landscape, but the proposal by Singapore’s DBS Group to take over PT Bank Danamon earlier this year rekindled some excitement about its plans for consolidation in Malaysia.
In April, DBS Bank Ltd, which is majority-owned by Singapore sovereign fund Temasek Holdings, made a general offer to acquire Indonesia’s Bank Danamon for US$7.24bil (RM23.1bil) at a rich 2.6 times book value.
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