Bangkok Bank to buy Indonesian lender Permata for $2.7b

Bangkok Bank to buy Indonesian lender Permata for $2.7b

Photo: Bank Permata website

Bangkok Bank Pcl, Thailand’s third-largest lender by assets, said on Thursday it had agreed to buy an 89.1% stake in Indonesia’s PT Bank Permata for about $2.7 billion, in the first major overseas acquisition for a Thai bank.

The Thai lender will acquire the stake in the mid-sized Indonesian lender from Standard Chartered and Indonesia’s PT Astra International, it said in a statement, adding that the deal is expected to close in 2020.

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