SMFG, OCBC Join Bidding War for Bank Permata

Nov 18, 2019Updated Jun 2, 20251 min read

Sumitomo Mitsui Financial Group and OCBC Group are believed to be readying their offers to compete for the acquisition of Indonesian lender PT Bank Permata.

The two banks have separately conducted due diligence on Permata in the past several months, citing unnamed sources. This follows recent reports that OCBC was still making considerations on whether or not to submit a bid.

The two banks earmarked as the frontrunners for the deal but DBS and other Southeast Asian lenders were also reportedly interested in Permata. At least two parties will be shortlisted for the final round, the report continued, with Bank Permata seeking a valuation exceeding 1.6 times book value.

Currently, Standard Chartered and PT Astra International each own a 45 percent stake in Permata, a mid-sized lender with a 320-strong branch network in Indonesia.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox