Standard Chartered Affiliate, OCBC Said to Bid for Muamalat

A Standard Chartered Plc affiliate, Qatar Islamic Bank SAQ and Oversea-Chinese Banking Corp. are among bidders for a controlling stake in PT Bank Muamalat Indonesia, the country’s oldest Islamic bank, people with knowledge of the matter said.

Shareholders of privately held Bank Muamalat plan to sell more than 50 percent of the lender in a deal that may value it at as much as $600 million, one of the people said, declining to be identified because the talks are private. Second-round bids are due in mid-June, the people said. PT Bank Permata, an Indonesian lender 45 percent owned by Standard Chartered, is bidding for the stake, one person said.