Shareholders questioned DBS' acquisition of Bank Danamon

[Leepotism]

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[TD="width: 784, colspan: 2"]Shareholders voice concerns over DBS' acquisition of Bank Danamon

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SINGAPORE: DBS Group Holdings' shareholders have voiced concerns regarding the proposed acquisition of Bank Danamon Indonesia at its annual general meeting (AGM) on Wednesday.

These include pricing for the Danamon deal and potential risks of operating in Indonesia.

Earlier this month, DBS said it plans to acquire Danamon for S$9.1 billion. If the deal goes through, it will make DBS the fifth largest bank in Indonesia.

Responding to shareholders, DBS CEO Piyush Gupta says in order for DBS to be a pan Asian bank, it needs to have strong presence in China, India and Indonesia.

Mr Gupta adds that DBS is not overpaying for Danamon, which has a customer base of six million and offers access to a mass market in Indonesia.

Meanwhile, DBS Chief Financial Officer Chng Sok Hui says there are very few acquisition opportunities in Asia and Danamon offers DBS a controlling stake.

DBS Chairman Peter Seah assures that the bank will not seek extra capital from shareholders to fund the proposed acquisition.


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[chonburifc]

Holy shit! Again? Knn, sinkees gimme the money go MBS play baccarat still got chance of seeing their money.

Do you know what DBS stands for??

DAMM BLOODY SUAY

 

[Microsoft]

Bank Danamon...no wonder moi find de word familar...sound like Bank Doraemon...小叮当银行:*:

 

[Alamaking]

I'm sure there're a lot of under table money involves

 

[Debonerman]

Are my tens of thousands of dollars safe with DBS? Clinton666! please recommend me the same bank where you keep your millions! LOL

 

[Leepotism]

I'm sure there're a lot of under table money involves

Agree. Someone going to benefit tremendously from this deal. The initial starts from H.

 

[Alamaking]

Agree. Someone going to benefit tremendously from this deal. The initial starts from H.

Its those who approve the selling lah, those high positions from Indo side. Who is H?

 

[erection2015]

HamLeong....you can immediately tell who he is.....both eyes wink.

Its those who approve the selling lah, those high positions from Indo side. Who is H?[/QUOTE]

 

[Alamaking]

Dun let Ah Leong see your quote hor, LOL

 

[cunnilaubu]

Temasek must be losing $$$ elsewhere. So off load the shit to its little brother at huge profits to cover the loses...
Remember the claim - "overall we made $$$".

 

[borom]

October 16, 2012, 10:21 AM ET.Sheila Bair: Citi Board Should Be Commended For Pandit Change.
ByDavid Benoit
Sheila Bair is gloating today.

The former FDIC Chairman and long time practically nemesis of Vikram Pandit, is applauding the Citigroup board for its change of horses.

Bair, who in her recent book said the Citi board could have “done so much better than Pandit” when it chose him as CEO in 2007, said today on CNBC that she “commended” the action.

“There has not been a clear strategic direction and focus,” Bair said on the TV network. “He did a good job as far as the transition but now it is time for a new chapter.”

Bair said she didn’t think there was anything “nefarious” at issue today and that she was taking the board, and Pandit, at face value. But she said that it is the board’s job to hire an executive and it has done a good job.
“I think it’s a good direction, it’s a positive direction,” Bair said, dodging several chances to say anything nice about Pandit. “Why do you think 55% of shareholders didn’t want him to receive his compensation.”

She even said Citigroup’s third-quarter earnings, which caused Citi shares to jump 5.5% on Monday to a six-month high, wasn’t “that great of a quarter” and said it reinforced the bank was a “hodgepodge of businesses.”

“What kind of bank do they want to be,” Bair wondered, saying the bank’s international reach and systems were failing the bank.

Bair did compliment new CEO Mike Corbat, calling him an executive with good operational skills.

Citi shares, after falling in premarket trading, are now up 1.6% to $37.25.

http://blogs.wsj.com/deals/2012/10/16/sheila-bair-citi-board-should-be-commended-for-pandit-change/

Prior to joining DBS, Piyush was Citigroup’s Chief Executive Officer for South East Asia, Australia and New Zealand.

Piyush began his career with Citibank in India in 1982 and over the years, held various senior management roles across Citi's corporate and consumer banking businesses, including Head of Strategic Planning for Emerging Markets and Regional Director for Global Transaction Services for Asia Pacific. He has also served as Citi's Country Officer for Indonesia, Malaysia and Singapore respectively
http://www.dbs.com/about/management/PiyushGupta/default2.aspx

.


If Vikram cannot make it , you think Piyush can?