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Bangkok Bank integrates its Indonesian operations with PermataBank leveraging PermataBank’s status as one of Indonesia’s top 10 banking institutions
December 21, 2020
With a total capital of more than IDR 30 trillion (63,332 million baht), PermataBank will officially qualify as a BUKU IV bank, the category of banks with the highest level of capital, upon receiving confirmation from Indonesia’s Financial Services Authority
Bangkok Bank announced that its branch offices in Indonesia have officially integrated into PT Bank Permata Tbk’s (“PermataBank”) branch network, as approved by Otoritas Jasa Keuangan (OJK) effective December 21, 2020 as planned. Bangkok Bank completed its acquisition of PermataBank on May 20, 2020 with a holding stake in PermataBank of 98.71% after completing a mandatory tender offer on October 7, 2020.
Bangkok Bank President Chartsiri Sophonpanich said the official integration of Bangkok Bank’s branches in Indonesia and PermataBank was approved by OJK effective December 21, 2020. This integration and the combination of good quality assets and liabilities of Bangkok Bank’s branches in Indonesia means PermataBank is now one of Indonesia’s 10 largest banks. Upon receiving confirmation from OJK, PermataBank will qualify as a BUKU IV bank, the category of banks with total capital of more than IDR 30 trillion (63,332 million baht).
“The integration of Bangkok Bank’s branches in Indonesia into PermataBank was carried out as planned after our successful acquisition of PermataBank on May 20, 2020 and our stake in PermataBank stood at 98.71% after completing a mandatory tender offer on October 7, 2020. This brings Bangkok Bank’s branches in Indonesia and PermataBank together as a single team which can combine their strengths to create value for customers and stakeholders. As one of the top 10 banks in Indonesia, and with its larger capital base, PermataBank will be able to provide even greater confidence and enhanced financial support for customers, both during periods of growth, as well as those of economic volatility.”
Mr. Chartsiri added: “Bangkok Bank’s current customers in Indonesia are now PermataBank customers, under our Bangkok Bank Group. As part of this larger family they can enjoy a greater range of financial services including retail, Sharia and groundbreaking digital banking services, as well as wider access to rupiah financing.”
“We will work with our PermataBank colleagues to build on our synergies and deliver best-in-class service to our customers. By combining the strengths of our local and regional networks we can create value together for our customers. Our regional customers will have access to more investment and business opportunities in Indonesia, while our Indonesian customers can tap into our international network to explore growth opportunities across ASEAN and beyond.”
About Bangkok Bank
Bangkok Bank, established in 1944, is Thailand’s largest bank by total assets (Baht 3,810,591 million as of September 2020) and the 6th largest Southeast Asian bank. A leading diversified regional bank in Southeast Asia, it has more than 17 million customer accounts and 1,000 branches in Thailand. It is Thailand’s most international bank with more than 300 branches in 14 economies outside of its home market. Bangkok Bank has a presence in nine ASEAN countries as well as branches in Hong Kong, Japan, Taiwan, the United Kingdom and the United States. Its major international subsidiaries are PermataBank, one of Indonesia’s 10 largest banks with some 300 branches in 62 cities in Indonesia, Bangkok Bank (China), with six branches providing coverage across the major regions in China, and Bangkok Bank Berhad, with five branches across Malaysia.
About PermataBank
PermataBank is one of Indonesia’s top 10 banking institutions by total assets (as of December 2020) and Bangkok Bank’s largest investment. Bangkok Bank completed acquisition of 89.12% of PT Bank Permata Tbk (“PermataBank”) on May 20, 2020. Its stake of PermataBank stood at 98.71% after completing a mandatory tender offer on October 7, 2020. PermataBank provides comprehensive financial services to more than 3 million customers across Indonesia through its network. Permata is a pioneer of Indonesia’s mobile banking and mobile payment technology, including its PermataMobile X application which has more than 200 innovative features.