SINGAPORE (Reuters) - DBS Group Holdings Chief Executive Piyush Gupta said the bank will redouble its efforts to grow organically in Indonesia after it abandoned its bid to buy a controlling stake in Bank Danamon Indonesia Tbk PT.
He also said the bank does not see any stress in its China trade finance portfolio, but that there is some pressure in the India mid-cap segment.
DBS's strategy to expand in Southeast Asia, where it trails its domestic rivals, suffered a blow after Indonesia's regulators blocked its bid to buy a controlling stake in Danamon from Singaporean state investor Temasek Holdings Pte Ltd.
Gupta was speaking at a news conference on Thursday after the bank reported a 10 percent rise in second quarter net profit.
(Reporting by Kevin Lim and Saeed Azhar; Writing by Rachel Armstrong)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app