DEAL OF THE MONTH - May 2020



NAME:
Bangkok Bank’s acquisition of Bank Permata

LAW FIRMS: HHP Law Firm, Hiswara Bunjamin & Tandjung

LAWYERS: 

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.