OCBC tests Indonesian mood with Permata bank bid

Andy Mukherjee
Andy Mukherjee8/15/2019 03:14 PM GMT+08  • 4 min read
OCBC tests Indonesian mood with Permata bank bid
(Aug 15): “Do you have Jakarta’s blessing?” That’s the first question Oversea-Chinese Banking Corp CEO Samuel Tsien will be asked by investors about his plan to buy Indonesia’s PT Bank Permata.
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(Aug 15): “Do you have Jakarta’s blessing?” That’s the first question Oversea-Chinese Banking Corp CEO Samuel Tsien will be asked by investors about his plan to buy Indonesia’s PT Bank Permata.

OCBC is weighing a bid for Standard Chartered’s Indonesian bank, Bloomberg News has reported, citing people with knowledge of the matter. Deliberations are still at an early stage and may not result in a deal. And even if they do, there’s the government to consider.

OCBC is one of Singapore’s three homegrown banks and Indonesia has been touchy in the past about ceding control of its lenders to the neighboring city-state. Just ask DBS Group Holdings. The larger rival to OCBC had to walk away from a US$6.5 billion ($9 billion) acquisition of PT Bank Danamon Indonesia in 2013 after Jakarta kicked up a fuss about lack of reciprocity for Indonesian banks getting licensed in Singapore. The central bank curbed the DBS plan for full ownership to a minority stake.

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