(12 October 2004 – Indonesia) Standard Chartered has been selected by the Indonesian government as the preferred bidder for Indonesia’s seventh largest bank, Bank Permata.The UK bank will take a controlling 51 percent stake in the bank, partnering with Astra International.
The two parties must sit down to work out the details of the deal with the Indonesian government’s asset management company, Perusahaan Pengelola Aset. Bank of Indonesia is also required to rubber stamp the deal.
Bank Permata has 310 branches, one million customers and assets of US$3.2 billion.
Standard Chartered chairman Bryan Sanderson said Bank Permata had excellent prospects in consumer banking and the SME sector.
“We will supplement Bank Permata’s management skill and customer penetration with our international network and expertise in operations, risk management and consumer banking to benefit customers and staff,” he said.