Bank Danamon Indonesia
PT Bank Danamon Indonesia is owned by Temasek Holdings. Temasek has a 67% stake though its subsidiary Fullerton Financial Holdings. On April 2, 2012, DBS, a major pan-Asian bank, announced they would purchased Temasek stake in the bank. Temasek also holds a 28% stake in DBS. Completion of the deal has been delayed, as Indonesia introduced new rules which limited foreign ownership to 40%, however, regulators have agreed to allow some exceptions. As of April 2013, the deal has not been completed.
Temasek bought its first stake of Danamon on May 22, 2003. At the time, Temasek's subsidiary was named Asia Finance Indonesia, which was renamed Fullerton Financial Holdings. The stake was bought from Indonesian Bank Restructuring Agency for $350 million (3.008 trillion rupiah). It paid $.14(1,202 rupiah) a share for a 51% stake. Fullerton increased their stake to 67%. Temasek was expected to take part in a capital raising the bank is planning in September 2011.