Completion of sale of interest in PT Bank Permata Tbk

London – Standard Chartered PLC (the Group) has completed the sale of its 44.56% equity interest in PT Bank Permata Tbk (Permata) to Bangkok Bank Public Company Limited (the Purchaser) (the Transaction).

The Group’s wholly-owned subsidiary Standard Chartered Bank (SCB) sold its shareholding in Permata to the Purchaser on 20 May 2020 for cash consideration of IDR17 trillion (US$1.07 billion), representing a premium of US$0.3 billion over the Group’s carrying value.


Completion of the Transaction represents significant further progress on the Group’s strategic priorities. The sale of Permata will allow the Group to focus exclusively on optimising the performance of its wholly-owned branch in Indonesia, which remains a large and strategically important market for the Group.

In February 2019, the Group announced that its strategic priorities in Indonesia were to resolve the non-core status of Permata, to continue to drive higher quality income from multi-national businesses and to test disruptive retail digital platforms. Higher Corporate & Institutional Banking income in the first quarter of 2020 led to profits in Indonesia trebling year-on-year and in March the branch launched its “Banking as a Service” solution, nexus, to offer financial services through e-commerce platforms.


Completion of the Transaction will lead to an increase in the Group’s Common Equity Tier 1 capital ratio of around 40 basis points, based on its financial results for the period ended 31 March 2020. This is attributable to a reduction in risk-weighted assets of around US$9.1 billion and the deconsolidation of US$0.5 billion minority interest equity (net of regulatory adjustments including goodwill). The impact of the Transaction will be included in normalised items to determine the Group’s performance.

Note: In this announcement, the conversions of IDR into US$ have been made at the rate of IDR15,800 to US$1, being the exchange rate agreed between SCB and the Purchaser.

 Enquiries to:

Mark Stride, Head of Investor Relations                 +44 (0) 20 7885 8596

Julie Gibson, Head of Media Relations                   +44 (0) 20 7885 2434

Standard Chartered

We are a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

For more stories and expert opinions please visit Insights at Follow Standard Chartered on Twitter, LinkedIn, Instagram and Facebook.