DBS considers joining race for Bank Permata Indonesia

Bloomberg
Bloomberg10/10/2019 01:32 AM GMT+08  • 2 min read
DBS considers joining race for Bank Permata Indonesia
SINGAPORE (Oct 10): DBS Group Holdings is considering joining the race to acquire PT Bank Permata, the Indonesian lender in which Standard Chartered Plc holds a stake, according to people familiar with the matter.
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SINGAPORE (Oct 10): DBS Group Holdings is considering joining the race to acquire PT Bank Permata, the Indonesian lender in which Standard Chartered Plc holds a stake, according to people familiar with the matter.

Singapore-based DBS is working with an adviser on the possibility of bidding for Permata, which has a market value of about US$2.4 billion ($3.3 billion), said the people, asking not be identified as the discussions are private.

Such a move would pit DBS against both its Singaporean competitor Oversea-Chinese Banking Corp and Tokyo-based Sumitomo Mitsui Financial Group Inc, which are also interested in acquiring the Indonesian bank, Bloomberg has reported. Standard Chartered and PT Astra International each own 45% stakes in Permata.

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