Shares in Permata jumped, while those in OCBC fell. Buying Permata would add to OCBC’s presence in Southeast Asia’s largest economy, where it already owns about 85% of Bank OCBC NISP, according to data compiled by Bloomberg. Under Indonesia’s single-presence rule, the two banks may have to merge, although regulators recently signalled intentions to relax that requirement.
(Aug 19): Oversea-Chinese Banking Corp is weighing a bid for Standard Chartered’s Indonesian bank, people with knowledge of the matter say, a move that may create the country’s fifth-largest lender.
OCBC is considering an offer for almost 90% of Bank Permata, which has a market value of about $1.9 billion, say the people, asking not to be named as the deliberations are private. OCBC is interested in the stakes held equally by Standard Chartered and Astra International, the people say.
