BBL Sees “Permata” as a Key and Synergetic Business for International Expansion

In the statement Bangkok Bank Public Company Limited (BBL) made on December 12, 2019, regarding the announcement of investing 81 billion baht in the acquisition of Indonesian PT Bank Permata, Mr. Piti Sithi-Amnuai, Chairman of BBL and Mr. Chartsiri Sophonpanich, President of BBL, also gave his vision on this investment.

 

Mr. Piti said, “International expansion is our key  strategy. Indonesia in particular is a key focus for us, as it is one of the fastest-growing major economies in Asia with highly attractive macroeconomic fundamentals, favorable demographics, and increasing ASEAN regional integration.”

 

Chartsiri Sophonpanich, President of Bangkok Bank, said, “Based on our first-hand experience in Indonesia and deep understanding of the banking sector, we believe that the Indonesian banking sector is poised to continue delivering attractive growth while maintaining healthy margins. Permata offers us a solid scalable platform with capabilities that complement our strategic objectives, including an extensive distribution network, a strong retail deposit franchise and brand, and advanced digital capabilities. We look forward to working with and supporting Permata’s management and employees to take Permata to the next level.”

Permata is currently the 12th largest bank in Indonesia by total assets, the acquisition by Bangkok Bank will allow it to tap on Bangkok Bank’s expertise in corporate and SME banking, strong network and relationships with top corporates across Asia, as well as cross-border product and sectorial expertise. Bangkok Bank will continue to support Permata’s customers by delivering high quality products and services, and promoting financial inclusion and financial literacy. The Bank is also committed to supporting corporates and SMEs across industries, including the agriculture and automotive sectors, in achieving their business goals.

Mr. Sophonpanich added, “There are clear synergistic opportunities between the two platforms. With our broad presence in Asia, Bangkok Bank will bring cross-border capabilities across key Asian markets to Permata’s clients, which will be important given increasing regional integration, within ASEAN and with the Greater China region. I am also very pleased to see Astra remaining supportive of continuing the existing business and extending the relationship between Permata and Astra Group across platforms and products.”