Latest Breaking News On - Pt bank danamon - Page 1 : comparemela.com

The pandemic is far from over, but Singapore’s biggest bank is already off to the races. DBS Group Holdings Ltd.’s recent S$1.1 billion ($828 million) purchase of a 13% stake in a rural Chinese bank gives a flavor of the aggressive deal-making investors can expect, as Citigroup Inc.’s exit from retail operations in Asia outside Singapore and Hong Kong puts assets on the block. The Citi sale couldn’t have come at a better moment. DBS Chief Executive Piyush Gupta must be thinking hard about what he could snag from his former employer: India? Indonesia? Both? He doesn’t have the luxury of time. On its home turf, DBS is relatively safe for now. But new-age virtual banks, one from ride-hailing app Grab Holdings Inc. and another from mobile-games maker Sea Ltd., are coming to Singapore. Grab’s record $40 billion merger with a blank-check company gives it balance-sheet muscle, which it is bound to flex against DBS.

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