DBS less keen on M&A after Indonesia bank deal failure

SINGAPORE (Reuters): Singapore's DBS Group Holdings said it has little appetite for acquisitions after a $7.2 billion bid for PT Bank Danamon Indonesia Tbk stumbled, adding that it would instead redouble efforts to expand its existing Indonesian operations.

The Danamon deal was seen as part of Chief Executive Piyush Gupta's push to diversify DBS's earnings base away from Singapore and Hong Kong, which contributed about 88 percent of net profit in the first half of the year.