DBS group CEO says seeing stress in India mid-cap segment

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)