SMFG, OCBC Join Bidding War for Bank Permata
In this article (5)
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.
Questions & Answers
Q.Which companies currently own Bank Permata?
Which companies currently own Bank Permata?
Standard Chartered and PT Astra International each own a 45 percent stake in Bank Permata. This makes them the current primary shareholders of the Indonesian mid-sized lender.
Q.What is the desired valuation for Bank Permata in this acquisition?
What is the desired valuation for Bank Permata in this acquisition?
Bank Permata is seeking a valuation exceeding 1.6 times its book value for the acquisition. This is the financial target it aims to achieve from the bidding process.
Q.Are there other banks interested in acquiring Permata, besides the frontrunners?
Are there other banks interested in acquiring Permata, besides the frontrunners?
Yes, DBS and other Southeast Asian lenders have also reportedly shown interest in Permata. While SMFG and OCBC are considered frontrunners, the field of interested parties is broader.
Q.How many branches does Bank Permata currently operate?
How many branches does Bank Permata currently operate?
Bank Permata operates a 320-strong branch network across Indonesia. This information highlights the physical presence and operational scale of the mid-sized lender.
Reader pulse
Is Permata's valuation realistic?
22,530 votes so far