SG's OCBC mulls bid for StanChart-backed Indonesian bank

(L-R) YYC Group chairman Yap Zhi Chau; CEO Yap Shin Siang, OCBC Bank Malaysia CEO Ong Eng Bin; and Global Head of Mezzanine Capital Unit, OCBC Limited Daniel Kwan.

Oversea-Chinese Banking Corp. is weighing a bid for Standard Chartered Plc’s Indonesian bank, people with knowledge of the matter said, a move that may create the country’s fifth-largest lender.

The Singaporean bank is considering an offer for almost 90% of PT Bank Permata, which has a market value of about $1.9 billion, said the people, asking not to be named as the deliberations are private. OCBC is interested in the stakes held equally by Standard Chartered and PT Astra International, the people said.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter