Keywords:

“(The acquisition of Danamon) would bring us up to mark in terms of completing key market presence for our franchise.”
DBS chairman Peter Seah on the bank’s acquisition of Indonesia’s Danamon Bank.



The following are notes from our Monday morning meeting.


The UK government is reportedly in talks with Abu Dhabi royalties to sell up to a third of its stakes in Royal Bank of Scotland.

Bank of America is being sued by Germany’s Landesbank Baden-Wurttemberg and Dexia SA over misrepresentations in its mortgage-backed securities sales totaling over $900m.

Santander will close up to 56 UK branches to reduce its regional overlap after previous takeovers in the country.

The Economic Community of West African States is threatening to cut Mali’s access to cash supply by the community’s central bank as part of its sanctions against the junta.

HSBC will buy Lloyds’ retail and commercial units in the United Arab Emirates for $769m as it expands in the Middle East.

Taiwan’s Yuanta Bank has been approved to set up a Macau branch, part of its five-year plan to establish 5 to 10 overseas branches in Asia Pacific.

Citigroup has hired former Sumitomo Mitsui executive Kazuya Jono to succeed Peter Eliot as CEO of Citibank Japan.

Singapore’s DBS has offered to acquire a $3.2b majority stake in Indonesia’s Bank Danamon from state investor Temasek.

Citi’s Tashwinder Singh has been hired by Kohlberg Kravis Roberts & Co. to head its Indian unit.

Rick Holliday-Smith has been elected to succeed David Gonski as the new chairman of the Australian Securities Exchange.