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 signaled intentions to relax that requirement.
(Aug 15): 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. OCBC shares fell.
The Singaporean bank is considering an offer for almost 90% of PT Bank Permata, which has a market value of about US$1.9 billion ($2.6 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.
