DBS Bank's Indonesian Subsidiary Changes Name To PT Bank DBS Indonesia

* * *

Name change reflects DBS' increased stake
in PT Bank DBS Buana

* * *

Half Year Results Show Sharp Improvement
In Operating Profit

JAKARTA, AUGUST 8 - DBS Bank said the name of its Indonesian subsidiary, PT Bank DBS Buana, will be officially changed to PT Bank DBS Indonesia today.

This follows the increase in DBS Bank's equity stake in PT Bank DBS Buana, the name of the previous joint venture bank between DBS Bank and PT Bank Buana Indonesia. DBS Bank now holds 99% of the equity in the Indonesian subsidiary.

DBS' officials also said that PT Bank DBS Indonesia (DBS Indonesia)'s first half year 2000 operations, showed an operating profit of IDR 23,604 million, a sharp improvement from the IDR 809 million profit for the same period the previous year. After write back on provisions, the net profit before tax was IDR 37,176 million.

DBS Indonesia currently has 2 branches in Indonesia, in Jakarta and Surabaya. DBS Indonesia will continue its traditional focus on corporate banking and trade financing activities. New initiatives will be rolled out in individual banking and treasury businesses; and plans are underway to expand its branch outlets in Indonesia.