Indonesia’s state-run PT Bank Mandiri is exploring a takeover of PT Bank Permata, the rival lender backed by Standard Chartered Plc, people with knowledge of the matter said.
Mandiri is working with Morgan Stanley on the potential deal, according to the people, who asked not to be identified because the information is private. It is considering buying control of Permata and then merging the lender with Mandiri itself or its unit PT Bank Mandiri Taspen, known as Bank Mantap, the people said.
