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DBS reportedly considers acquiring Bank Permata

10 October 2019 13:37

JAKARTA - DBS Group Holdings Ltd is reportedly considering to bid for the acquisition of PT Bank Permata Tbk (BNLI).

According to sources familiar with the matter, the Singapore-based financial services firm is working with a consultant on the possible corporate action. If the move was confirmed, DBS would compete against both Singapore’s Oversea-Chinese Banking Corp (OCBC) and Japan’s Sumitomo Mitsui Financial Group Inc, which have expressed interest in acquiring Bank Permata.

Currently Standard Chartered and PT Astra International Tbk (ASII) each own a 45% stake in Bank Permata, which has a market value of approximately US$ 2.4 billion.

So far, DBS has to provide a comment on the matter. (MS)

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