NAME: Bangkok Bank’s acquisition of Bank Permata
LAW FIRMS: HHP Law Firm, Hiswara Bunjamin & Tandjung
HHP Law Firm - Erwandi Hendarta, Mahardikha Sardjana and Iqbal Darmawan
Hiswara Bunjamin & Tandjung - Viska Kharisma and David Dawborn
JURISDICTION: Indonesia, Thailand
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Banking and financial services
Bangkok Bank’s acquisition of Bank Permata is our deal of the month for May.
Bangkok Bank bought a majority stake in Indonesia’s Permata Bank from Standard Chartered Bank and Astra International for a total purchase price of $2.3 billion.
Despite the uncertainties caused by the Covid-19 crisis, the Permata Bank transaction obtained approval from Indonesia’s financial regulator and was successfully closed on 20 May. This transaction is the first acquisition of a publicly listed bank under Indonesia’s newly revised rules for commercial banks M&A. This also marks the biggest acquisition of a foreign financial institution by a Thai bank.
Hiswara Bunjamin & Tandjung acted for Bank Permata while Standard Chartered Bank and Astra International were represented by HHP Law Firm.