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UOB targets Indonesia’s Bank Permata

UOB targets Indonesia’s Bank Permata

(3 August 2004 – Singapore) United Overseas Bank is contemplating acquisitions outside its home market as the bank looks to boost the amount of revenue it earns from outside Singapore to 40 percent. Some 30 percent of UOB’s first half profit came from its regional businesses.

UOB has already bought a large stake in Thailand’s Bank of Asia and 23 percent of PT Buana Indonesia this year and is eyeing Indonesia’s PT Bank Permata Tbk.

UOB also owns a controlling stake in Thailand’s UOB Radanasin Bank.

The bank said a stake in Permata would be a strategic buy for UOB as it would strengthen its Indonesian operations.

Permata, which specialises in business lending to SMEs, is the last of Indonesia’s state banks to be restructured and has attracted the attention of both foreign and Indonesian banks.

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