DBS Group competes to buy an 86% stake in Indonesia's Panin Bank, valued at $1.8 billion.

DBS Group, Southeast Asia's largest bank, is leading the race to buy an 86% stake in Indonesia's Panin Bank, valued at around $1.8 billion. Competing for the stake is Malaysia's CIMB Group. A successful acquisition would be DBS's first major deal under new CEO Tan Su Shan and would significantly expand DBS's presence in Indonesia. Binding bids are expected by end-April or early May.