DBS raises Indonesian stake

DBS raises Indonesian stake

SINGAPORE (Dow Jones): Singapore's DBS Group Holdings Ltd.
said Tuesday it will raise to 99 percent its stake in PT Bank DBS
Buana, a joint venture with PT Bank Buana Indonesia (P.BBI), from
85 percent currently.

DBS will buy Bank Buana Indonesia's stake in the joint
venture. The remaining 1 percent in Bank DBS Buana will be held
by an unidentified Indonesian party.

After regulatory approval, Bank DBS Buana will be renamed PT
Bank DBS (Indonesia), DBS said.

The DBS statement didn't give any financial information on the
transaction.

DBS President and Chief Operating Officer Ng Kee Choe said the
change is part of DBS's long-term strategic move.