DBS Group Holdings Ltd has agreed to buy a controlling stake in Indonesia's Bank Danamon in a deal worth 45.2tn Indonesian rupiah ($4.9bn; £3bn).
DBS will acquire a 67.4% stake held by Temasek Holdings, a move that is likely to help it tap into the Southeast Asia's largest economy.
The deal comes as Indonesia's economy has been growing at its fastest pace since the Asian financial crisis.
Indonesia's economy expanded by 6.5% in 2011, the highest rate since 1996.
DBS said in a statement that Indonesia's banking sector "remains under served and continues to benefit from a growing middle class, rapidly rising domestic consumption and increasing trade flows within the region".
"This offers significant market opportunities across banking products and customer segments, making Danamon's universal banking platform well suited to tap into the Indonesian growth story."
Danamon has 3,000 branches and offices, catering to a customer base of almost 6 million.
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