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.