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Bangkok Bank acquires 89.12% of Permata Bank at a valuation of $3 billion

Permata Bank

Earlier today, Bangkok Bank announced its decision to acquire Permata Bank which is an Indonesian Bank for $2.67 billion. The Thailand based bank would acquire an 89.12% stake which was previously owned by Astra International and Standard Chartered Bank. This acquisition comes as the company is looking to expand its footprint overseas. 

Standard Chartered Bank and Astra International were equal shareholders in Permata Bank which is headquartered in Jakarta.

Bangkok Bank is also looking to acquire the remaining 10.88% stake in the company, however, that deal is yet to be closed. 

The overall value for Permata Bank is over $3 billion.

Bill Winters, the Chief Executive at Standard Chartered stated the sale to Bangkok Bank would allow the company to “focus its growth in Indonesia”. 

Permata Bank has 332 branches in 62 cities and an employee strength of 7,700.  It’s the 12th largest bank in Indonesia with assets worth $10.9 billion.

The company generated an income of $77 million for the 9 months of the financial year which ended on 30 September.

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Donna Fuscaldo

Donna is an expert in business, finance, stock market, startups, and entrepreneurship. She has 12 years of experience in the publishing industry and graduated with a Major in Journalism from Boston University. She is also the author of "Make My Startup Succeed" and "Finance Guru". She has worked as a freelance business report for 6 publications in the past. She loves cooking for her 3 kids during the weekends.

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