Singapore-based financial services group DBS Group Holdings (DBSDY.PK, DBSDF.PK) reportedly won the approval of Indonesia's central bank to acquire a 40 percent stake in PT Bank Danamon Indonesia Tbk.
There is also the possibility of enhancing the stake if reciprocity conditions between the two countries are agreed. DBS had proposed in April 2012 to buy the whole of Danamon for about $6.8 billion.
Meanwhile, responding to reports, DBS said it has not received an official written notification of the approval from Bank Indonesia. ''DBS hopes the application will be approved as originally submitted and will continue to be closely guided by Bank Indonesia,'' the firm said in a statement.
The stock is currently up 0.23 percent on the SGX at S$17.39.
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