Deals
Bangkok Bank Buys StanChart Indonesian Bank for $2.7 Billion
- Deal is first major purchase of Indonesian lender by Thai bank
- Prospect of acquisition sparked slump in Bangkok Bank’s shares
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Bangkok Bank Pcl snapped up a controlling stake in Indonesia’s PT Bank Permata for about $2.7 billion in the first major purchase of an overseas lender by a Thai bank.
The purchase of a near 90% holding from Standard Chartered Plc and a local partner fits with Bangkok Bank’s strategy of transforming into a regional lender with a larger presence in Southeast Asian markets, according to a filing. Indonesia is a “highly attractive and fast growing market,” it said.