Bangkok Bank expects Bank Permata to become a BUKU IV bank
JAKARTA. Bangkok Bank is targeting PT Bank Permata Tbk (BNLI) to become a Commercial Bank based on Business Activities (BUKU) IV bank with a capital of more than Rp 30 trillion.
"Bangkok Bank intends to invest in customers, employees, business partners and infrastructure of Bank Permata, and turn Bank Permata into a leading BUKU IV bank in Indonesia," stated Bank Permata in the acquisition summary published on Monday (2/3).
Until the end of last year, Bank Permata was still listed as BUKU III bank with core capital of Rp 22.15 trillion. So to become a BUKU IV bank, Bank Permata still has to increase its capital by Rp 7.85 trillion.
Bank Permata will also be encouraged to expand in the Southeast Asia, to target the MSME segment which is Bangkok Bank's main business. Even so, Bangkok Bank claimed not to intend to make any changes in the organization of Bank Permata.
Bangkok Bank is planning to hold an EGMS on Thursday (5/3) to ask for the approval of shareholders to follow up on this action. While Bank Permata is scheduled to conduct an EGMS on 23 April 2020 to ask for similar approval. This acquisition is targeted to be completed on 3 May 2020.
In December 2019, Bank Permata's shareholders, PT Astra International Tbk (ASII) and Standard Chartered, signed a share purchase agreement (CSPA) with Bangkok Bank. They will each release 44.56% of Bank Permata shares at an estimated price of Rp 37.43 trillion. (AM/AR)