DBS denies talks on Danamon purchase

DBS  denies having talks with Temasek on buying its 68 percent stake in Indonesia's 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 DBS CEO Piyush 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.