DBS says no talks with Temasek on Indonesia's Danamon

DBS , Singapore's biggest lender, said on Friday it had not held any talks with state investor Temasek on buying its 68 percent stake in Indonesia's Bank Danamon .

CEO Piyush Gupta told reporters DBS had not held talks with anyone on Bank Danamon.

There has been market talk that DBS, which wants to increase income from outside its core Singapore and Hong Kong markets, could be looking at Bank Danamon, but Gupta has dismissed the idea.

Analysts say Gupta probably wants to avoid expensive buys after DBS got its fingers burnt by overpaying for a bank purchase in Hong Kong a decade ago. Source: Reuters