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