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Business deals

Bangkok Bank buys Indonesia's Bank Permata for $2.7bn

Thai lender outbids Japan's SMBC

Bangkok Bank is buying nearly 90% of Indonesia's Bank Permata.   © Reuters

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.

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