Bangkok Bank to acquire an 89.12% stake in Permata from Standard Chartered and Astra for $2.1bn.

Bangkok Bank, a commercial bank, is set to acquire an 89.12% stake in Permata, an Indonesian Bank, from Standard Chartered and PT Astra International, a general trading company for $2.1bn. Completion of the transaction is subject to certain conditions including approvals by the shareholders of Bangkok Bank and the receipt of the applicable regulatory approvals in Indonesia and Thailand, which we hope to achieve by the end of 2020. “The sale of our stake in Permata will allow us to focus on our wholly-owned business in the large and strategically important Indonesian market; and will release capital for reinvestment or return to shareholders. This transaction further demonstrates our focus on executing the refreshed strategic priorities we announced earlier this year,” Bill Winters, Standard Chartered CEO. May 20, 2020: Standard Chartered completed the sale of its 44.56% equity interest in PT Bank Permata to Bangkok Bank for $1.07bn.