DBS Group Holdings Ltd. is considering making a takeover bid for Indonesia-based PT Bank Permata Tbk, in what could be the Singaporean bank's second attempt to acquire a lender in the Southeast Asian country, Bloomberg News reported, citing people familiar with the matter.
DBS is working with an adviser on the possible bid for Bank Permata, the sources said. The potential move would pit DBS against two other banks interested in buying the Indonesian bank: Oversea-Chinese Banking Corp. Ltd. and Japan's Sumitomo Mitsui Financial Group Inc., according to the Oct. 10 report. Final bids for Bank Permata are due in about a month, the sources added.
In 2013, DBS failed to acquire PT Bank Danamon Indonesia Tbk due to a change in foreign ownership rules in the country.
A representative for DBS declined to comment on the report, Bloomberg said.
With a market value of about US$2.4 billion, Bank Permata operated 317 branches as of June, serving more than 2 million customers in 62 cities in Indonesia. Standard Chartered PLC and PT Astra International Tbk each hold an approximately 45% stake in Bank Permata.
