DBS refutes CLSA report over StanChart takeover

DBS said on Friday that there was "no basis" to a report from CLSA suggesting that the Singapore-based lender may be interested in acquiring Standard Chartered.

“There is no basis to the report, and it is not on our agenda,” a DBS spokesman said.

CLSA put out a research note on Thursday upgrading its rating on StanChart as it said the bank, whose recovery could prove to be challenging, may be approached by a white knight.

CLSA said DBS looked to be the "most likely acquirer".

The Asia-focused bank announced a major restructuring in early November that will see it cut 15,000 jobs globally and streamline its management structure following disappointing third quarter results.

The bank raised £3.3bn through a rights issue earlier in the month as it looks to boost its balance sheet amid a slowdown in China.

At 1010 GMT, StanChart shares were up 0.3% to 551.60p.