By Adria Calatayud
Standard Chartered said Thursday that it has agreed to sell its 44.56% interest in Indonesia's Bank Permata for $1.3 billion to Bangkok Bank PCL.
The Asia-focused bank said completion of the transaction is conditional on the satisfaction of certain conditions, including approval by the purchaser's shareholders and regulatory approvals in Indonesia and Thailand. Following the sale, Standard Chartered will cease to have any interest in Permata.
"The sale of our stake in Permata will allow us to focus on our wholly-owned business in the large and strategically important Indonesian market; and will release capital for reinvestment or return to shareholders," Chief Executive Bill Winters said.
In February, the lender said its interest in Permata was no longer core as it had chosen to focus on its wholly-owned banking presence through Standard Chartered Bank Indonesia.
Write to Adria Calatayud at email@example.com