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.