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Article: DBS GROUP HOLDINGS LTD - STAKE IN BANK DBS BUANA.

Article from:
AsiaPulse News
Article date:
March 14, 2000
Copyright

(Full text of statement released to the Stock Exchange of Singapore on March 14, 2000.)

DBS Bank and PT Bank Buana Indonesia today said they had reached agreement for PT Bank Buana Indonesia to sell its stake in their joint venture bank, PT Bank DBS Buana (DBS Buana). DBS Bank will, on completion of the transaction, own 99% of DBS Buana.

Subject to regulatory approval, the joint venture will be renamed as PT Bank DBS (Indonesia).

DBS Buana is DBS Bank's Indonesian banking subsidiary in which DBS Bank presently holds 85%.

The other 15% of DBS Buana is held by PT Bank Buana Indonesia.

Mr Ng Kee Choe, President and Chief ...

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