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Bond Market News
DBS Revises Application to Purchase Up to 30% of Alliance Bank Malaysia
November 25, 2025
Singapore’s DBS Group Holdings withdrew its initial application to purchase up to 49% of Alliance Bank Malaysia Bhd. and revised it with a request to acquire a maximum of 30%. The revision was prompted by the Malaysian central bank (Bank Negara Malaysia) failing to approve the original request, which required a waiver of the typical 30% ownership limit for financial institutions in the country. Sources noted that the revised, lower-percentage bid has a better chance of being approved. Securing approval would allow DBS to open discussions with Alliance Bank’s main shareholder, Vertical Theme Sdn., which is backed by Singapore’s state-owned Temasek Holdings. Temasek already has significant links to both parties, holding a 49% stake in Vertical Theme and approximately 28.3% in DBS. A successful deal is expected to grant DBS a presence in Malaysia, where its Singaporean competitors, OCBC and UOB, already operate. Alliance Bank’s shares rose 2.5% following the news.
DBS’s dollar bonds were trading stable with its 4.403% 2028s at 101.4, yielding 3.8%. Alliance Bank’s local notes were also trading stable with its MYR 4.05% 2035s at 101.1, yielding 3.8%.
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