BANGKOK -- Bangkok Bank said on Thursday it will pay 37.4 trillion rupiah ($2.67 billion) for an 89.12% stake in Indonesia's Bank Permata, marking the largest acquisition of a foreign financial institution by a Thai bank.
Bangkok Bank, Thailand's largest bank by assets, will buy a 44.56% stake held by London-based Standard Chartered Bank and another 44.56% stake from Jakarta-listed Astra International. The deal puts Permata at 1.77 times book value.
