Indonesia to slice more off Bank Permata
(8 November 2004 – Indonesia) The Indonesian government aims to sell another chunk of Bank Permata, just two months after Standard Chartered bought a 51 percent controlling stake in the bank.
The government is hoping to complete the sale, worth some US$120 million, by mid-December.
PT Perusahaan Pengelola Asset, the government’s asset management agency, said the sale will be done through market placement and the stake for sale will be offered to 100 investors.
A consortium led by UK bank Standard Chartered paid 2.77 trillion rupiah for 51 percent of Bank Permata in October.
At the time of the sale, Standard Chartered said the Indonesian bank had excellent prospects in consumer banking and the SME sector.
Bank Permata has 310 branches, one million customers and assets of US$3.2 billion. The bank was created in the late 1990s from five banks merging following the Asian crisis.
PT Perusahaan Pengelola Asset, the government’s asset management agency, said the sale will be done through market placement and the stake for sale will be offered to 100 investors.
A consortium led by UK bank Standard Chartered paid 2.77 trillion rupiah for 51 percent of Bank Permata in October.
At the time of the sale, Standard Chartered said the Indonesian bank had excellent prospects in consumer banking and the SME sector.
Bank Permata has 310 branches, one million customers and assets of US$3.2 billion. The bank was created in the late 1990s from five banks merging following the Asian crisis.
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