Bank Indonesia hasn’t decided on the proposed acquisition of Bank Danamon Indonesia by DBS Group Holdings, the central bank said on Monday, denying a report the deal had been approved.

The Wall Street Journal reported on April 13 that Southeast Asia’s largest lender got approval to buy as much as 40 percent of Danamon and will be allowed to build a majority stake later if it meets corporate governance and financial health standards. No decision has been made, Bank Indonesia spokesman Difi Johansyah said in a text message on Monday.

DBS is seeking to acquire 99 percent of Danamon for Rp 66.4 trillion ($6.8 billion), including the equivalent of Rp 45.2 trillion to be paid to Temasek Holdings Pte, Singapore’s state-owned investment company, for its 67.4 percent stake.

The sale, announced a year ago, has stalled as Indonesia’s central bank considers approval while seeking greater access for its own lenders in Singapore. The acquisition would help DBS gain access to more profitable lending opportunities and a faster-growing economy.

Karen Ngui, a Singapore-based spokeswoman for DBS, declined to comment when contacted on April 13. She didn’t answer a call to her mobile phone on Monday.

Source: Bloomberg