Bangkok Bank said to be strong contender for Indonesia's Permata stake

Photo: Bank Permata website

Bangkok Bank Pcl. is emerging as a leading bidder for control of Standard Chartered Plc’s Indonesian bank, according to people familiar with the matter.

The Thai lender is competing with Sumitomo Mitsui Financial Group Inc. in the final race for almost 90% of PT Bank Permata, a stake with a market value of about $2.25 billion, said the people, asking not to be identified as the deliberations are private. A winner could emerge as soon as next week, though negotiations could drag on longer, the people said.

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