Torpor at home lures Thai lender to pricey Jakarta

Bangkok Bank is taking control of Indonesia’s Permata for about $2.7 billion. For Thailand’s third-largest lender by assets, a deal at near twice the target’s book value is a necessary gamble on faster growth. @ClaraDFMarques

13.12.2019

Bangkok Bank is taking control of Indonesia’s Permata for about $2.7 billion. For Thailand’s third-largest lender by assets, a deal at near twice the target’s book value is a necessary gamble on faster growth. ClaraDFMarques

Bangkok Bank has beaten Japanese rivals to take control of Indonesia's Permata, for some $2.7 bln. StanChart, selling along with a local conglomerate, gets a welcome boost. For Bangkok, though, a deal at near twice the target's book value is a necessary gamble on faster growth.

Bangkok Bank, Thailand’s third-largest lender by assets, agreed on Dec. 12 to buy an 89% stake in Indonesia’s Bank Permata from Standard Chartered and local conglomerate Astra International, for about $2.7 billion. The deal is expected to close in 2020.

Astra and Standard Chartered jointly controlled Permata, each with 44.6% of the bank.

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