Standard Chartered to Sell 44.56% Stake in Bank Permata for $1.3 Billion
December 12 2019 - 5:53AM
Dow Jones News
By Adria Calatayud
Standard Chartered PLC (STAN.LN) said Thursday that it has
agreed to sell its 44.56% interest in Indonesia's Bank Permata
(BNLI.JK) for $1.3 billion to Bangkok Bank PCL (BBL.TH).
The Asia-focused bank said completion of the transaction is
conditional on the satisfaction of certain conditions, including
approval by the purchaser's shareholders and regulatory approvals
in Indonesia and Thailand. Following the sale, Standard Chartered
will cease to have any interest in Permata.
"The sale of our stake in Permata will allow us to focus on our
wholly-owned business in the large and strategically important
Indonesian market; and will release capital for reinvestment or
return to shareholders," Chief Executive Bill Winters said.
In February, the lender said its interest in Permata was no
longer core as it had chosen to focus on its wholly-owned banking
presence through Standard Chartered Bank Indonesia.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
December 12, 2019 05:38 ET (10:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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