DBS in talks to buy Temasek stake in Indonesia's Danamon-sources

Singapore’s biggest bank DBS has made the country’s state investor Temasek an offer for its US$3.2 billion ($4 billion) majority stake in Indonesia’s Bank Danamon, sources said on Friday, setting up Indonesia’s biggest bank takeover.

The acquisition would also be the first major deal by DBS Group’s Chief Executive Piyush Gupta, who took the helm of the Singapore lender in late 2009. Over the last two years, he had focused on turning around its existing businesses.