Singapore's DBS eyes Malaysian bank stakes in expansion push, Reuters reports [CNBC]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: CNBC
Asian neighbor, including in one of Malaysia's smallest banks by assets, two sources said. DBS is exploring a purchase of Singapore state investor Temasek's 29.1% stake in Alliance Bank Malaysia Bhd , said the two sources with knowledge of the matter, a slice currently valued at about $460 million. Temasek is biggest shareholder in DBS with a 28.9% stake, according to LSEG data. Other options for expanding into Malaysia include buying Kuwait Finance House's Malaysian retail banking assets, worth more than $500 million and which have been put up for sale, one of the sources said. Deliberations are in very early stages, however, the sources said, and any formal negotiations for an acquisition of a stake in a Malaysian bank would need approval from the Malaysian central bank, or Bank Negara Malaysia. The two sources declined to be named as talks on the possible acquisitions were confidential. “We do not comment on market rumors and speculation,” said a spokesperson for DBS, S
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