FRIDAY, March 29, 2024
nationthailand

Bangkok Bank completes acquisition of Indonesia’s Bank Permata

Bangkok Bank completes acquisition of Indonesia’s Bank Permata

Bangkok Bank today (May 20) completed its landmark acquisition of Astra International and Standard Chartered's aggregate 89.12-per-cent shareholding in Bank Permata, Indonesia's 12th largest bank by total assets.

The transaction was completed at the agreed valuation of a 1.63 times Permata's book value as of March 31, or approximately 33.662 trillion rupiah (US$2.282 billion, Bt73.722 billion).
Permata, with an asset base of 167.394 trillion rupiah, 3.75 million customers and 312 branches across Indonesia, is now Bangkok Bank's most significant investment.
Bangkok Bank will now apply to the Indonesian financial regulator, Otoritas Jasa Keuangan (OJK), for approval to conduct a mandatory tender offer for the remaining 10.88-per-cent stake in Permata. Bangkok Bank's Indonesian branches will be combined with Permata in the future.
The acquisition of Permata is a strategic move for growth, said Chartsiri Sophonpanich, president of Bangkok Bank.
"Permata will give Bangkok Bank a stronger presence in Southeast Asia's two largest economies, reinforcing our position as a leading Asean bank. We will support Permata to grow its retail, SME and corporate business, while Bangkok Bank's customers will have enhanced access to growth opportunities in Indonesia. We are also looking forward to continuing to expand the business partnership between Permata and Astra."
Bangkok Bank has a long history in Indonesia having opened its first branch in Jakarta in 1968. "Bangkok Bank has been present in Indonesia for more than 50 years and we remain highly confident in the country's resilient economy and bright future prospects," said Chartsiri.
"During these difficult times, as countries grapple with the Covid-19 pandemic and its economic repercussions, we will stand steadfast alongside Permata. Together we will support our people, customers and communities to help them overcome these challenges."

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