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Dao Heng on DBS shopping list

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The future of Dao Heng Bank remains unclear, with some senior employees told this weekend that Singapore's DBS Bank has agreed to buy a controlling stake from the Malaysian Guoco Group.

Friday's suspension of trading in Guoco shares and its 71.47 per cent-held subsidiary Dao Heng Bank, at the firm's request, led to expectation of a major group restructuring.

A takeover by the expansion-minded DBS has been rumoured since early this year.

A senior manager told Business Post he was informed this weekend that DBS had agreed to buy control from Guoco but said no details were given.

'It's definitely DBS. The announcement could be made [today],' he said.

On Friday, Guoco - 32 per cent-controlled by Malaysian tycoon Quek Leng Chan - would not comment on the reasons for the trading suspensions and executives could not be reached yesterday.

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