Torpor at home lures Thai lender to pricey Jakarta

Jardine Cycle & Carriage

13/12/2019 02:18

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Clara Ferreira-Marques
    HONG KONG, Dec 13 (Reuters Breakingviews) - Bangkok Bank has
beaten Japanese rivals to take control of Indonesia's Permata,
for some $2.7 bln. StanChart, selling along with a local
conglomerate, gets a welcome boost. For Bangkok, though, a deal
at near twice the target's book value is a necessary gamble on
faster growth.
    Full view will be published shortly.
    On Twitter https://twitter.com/claramarquesrtr
    
    CONTEXT NEWS
    - Bangkok Bank, Thailand’s third-largest lender by assets,
agreed on Dec. 12 to buy an 89% stake in Indonesia’s Bank
Permata from Standard Chartered and local conglomerate Astra
International, for about $2.7 billion. The deal is expected to
close in 2020.
    - Astra and Standard Chartered jointly controlled Permata,
each with 44.6% of the bank.
    - Standard Chartered had said in February that the
investment was no longer core.
    - For previous columns by the author, Reuters customers can
click on  MARQUES/ 
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    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Bangkok Bank to buy Indonesian lender for $2.7 bln in overseas
expansion     urn:newsml:reuters.com:*:nL4N28M2TM
Standard Chartered statement:    https://www.sc.com/en/media/press-release/standard-chartered-and-astra-announce-agreement-to-sell-stakes-in-permata-to-bangkok-bank/
BREAKINGVIEWS - StanChart may get a helping hand from Japan   
 urn:newsml:reuters.com:*:nL3N27F0CS
BREAKINGVIEWS - StanChart’s Winters makes best of a weak hand   
 urn:newsml:reuters.com:*:nL4N24X13X
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Robyn Mak and Katrina Hamlin)
 ((clara.ferreira-marques@thomsonreuters.com; Reuters Messaging:
clara.ferreira-marques.thomsonreuters.com@reuters.net))