DBS leads S'pore charge into RI

DBS leads S'pore charge into RI

SINGAPORE: Singapore's largest lender is leading the charge for a bigger piece of Indonesia's banking action, with plans to open six more branches by the end of the year, a DBS executive said in a report published on Monday.

The portfolio of the Development Bank of Singapore (DBS) currently includes new outlets in Semarang, Jakarta, Surabaya and Medan.

"We are extremely optimistic about how the country and our operations there are growing," Rajan Raju, the bank's head for South and Southeast Asia, told The Straits Times.

These centers account for about 70 percent of the economic activities of Indonesia, with a population of 220 million.

United Overseas Bank (UOB) and OCBC Bank, completing Singapore's so-called Big Three banks, are also eager to expand their Indonesian presence.

OCBC recently purchased an additional 28.5 percent stake in Bank NISP, which hiked its overall interest to 51 percent.

UOB failed in its attempt last year to purchase a 51 percent stake in Bank Permata. UOB has a 23 percent stake in Bank Buana Indonesia and said it would continue to explore avenues of expansion. -- DPA