(Dec 12): Bangkok Bank Pcl. is nearing a deal to buy control of Standard Chartered Plc’s Indonesian bank, according to people familiar with the matter.

An announcement could come as soon as Thursday, said one of the people, who asked not to be identified as the deliberations are private. The Thai lender was competing with Sumitomo Mitsui Financial Group Inc. in the final race for almost 90% of PT Bank Permata, a stake with a market value of about US$2.3 billion ($3.1 billion), Bloomberg News reported earlier.

Bangkok Bank is looking for a new market in the region as interest rates in Thailand remain low. Indonesia, where the economy is forecast to expand 5% in 2020, offers more growth potential for the Thai lender.

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