SINGAPORE - A reported move by DBS to throw in a bid for Indonesia's Bank Permata, as OCBC is reportedly set to do,"conflicts" with Singapore banks' strategy of building out digital banking to capture opportunities in South-east Asia, said Citi Investment Research.
"While there is no doubt that Bank Permata, a mid-sized Indonesia bank, could boost the assets and distribution presence of any of the three Singapore banks' Indonesia operations, our concerns include a likely multi-year rationalisation to manage network duplication and derive cost synergies to drive a meaningful return on investment," added Citi analyst Robert Kong. He pointed out that workforce rightsizing is"particularly sensitive", too.
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