DBS BANK TO INCREASE STAKE IN PT BANK DBS BUANA

JAKARTA, MAR.14 - DBS Bank and PT Bank Buana Indonesia today said they had reached agreement for PT Bank Buana Indonesia to sell its stake in their joint venture bank, PT Bank DBS Buana (DBS Buana). DBS Bank will, on completion of the transaction, own 99% of DBS Buana. Subject to regulatory approval, the joint venture will be renamed as PT Bank DBS (Indonesia).

DBS Buana is DBS Bank's Indonesian banking subsidiary in which DBS Bank presently holds 85%. The other 15% of DBS Buana is held by PT Bank Buana Indonesia.

Mr Ng Kee Choe, President and Chief Operating Officer, DBS Bank, said, "We view the increase of our stake in DBS Buana as a long-term strategic move. With the purchase, DBS Bank will have greater flexibility in developing our long-term business plans for the country. We shall continue to co-operate in all areas possible with PT Bank Buana Indonesia with which we have a close working relationship."

Mr Jimmy Laihad, President Director of PT Bank Buana Indonesia, said, "DBS Buana was the result of the combined strengths of DBS Bank's regional presence and sound financial standing, and PT Bank Buana Indonesia's local knowledge and expertise. I foresee that our close working relationship with DBS Bank will be maintained and we both expect to continue our co-operation where mutually beneficial opportunities may arise."

The other 1% of DBS Buana will be held by an Indonesian party.