JAKARTA (The Jakarta Post/ANN): Publicly listed Bank Permata is set to join the BUKU IV category after its integration with the Indonesian branch of its new parent company, the Thailand-based Bangkok Bank.

The integration qualifies Bank Permata to become a BUKU IV bank – one with core capital of more than Rp 30 trillion (US$2.1 billion) – according to Bank Permata president director Ridha Wirakusumah.

The change from the bank’s current BUKU III status is awaiting the confirmation of the Financial Services Authority (OJK).

“After the integration and the OJK’s confirmation, we will be a BUKU IV category bank with a strong capital structure which will strengthen our role as an agent of development to support the growth of our customers’ businesses, ” Ridha said in a statement on Monday (Dec 21).

The OJK has approved the integration of Bangkok Bank’s Indonesian branch with Bank Permata, the company said.

In May, Bangkok Bank completed the acquisition of a 89.12 per cent stake in Bank Permata from diversified conglomerate PT Astra International and British lender Standard Chartered Bank (SCB) for Rp 33.66 trillion, equal to 1.63 times Bank Permata’s book value.

Following the integration, the Thailand-based bank’s branch offices in Jakarta and Surabaya, East Java, will operate as a part of Bank Permata’s network, while its branch office in Medan will be closed and redirected to the nearest Bank Permata branch in the city.

Ridha said that the through the integration, Bangkok Bank would provide corporate banking capabilities and a vast international branch network and customer base.

Bank Permata, he said, was committed to providing complete solutions for digital; retail; sharia; micro, small and medium enterprise (MSME); and corporate banking for all of its customers.

Chartsiri Sophonpanich, Bangkok Bank president and Bank Permata president commissioner added that the bank was committed to sharing its knowledge and expertise with Bank Permata.

“[We will] support Indonesian businesses in capturing opportunities across Asean and beyond, ” he said. – The Jakarta Post/Asia News Network

Source: https://www.thestar.com.my/aseanplus/aseanplus-news/2020/12/22/indonesia039s-bank-permata-to-get-status-upgrade-after-bangkok-bank-integration#cxrecs_s