White & Case Advises Bangkok Bank on Integration of Indonesian Branches with Bank Permata
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Global law firm White & Case LLP has advised Bangkok Bank on the integration of its Indonesian branch business (Bangkok Bank Indonesia) with PT Bank Permata Tbk (Bank Permata).
The integration of Bangkok Bank Indonesia into Bank Permata is the first integration of a foreign bank branch office and an Indonesian bank under the new OJK regulation governing the integration of foreign bank branch offices and an Indonesian bank. This was a highly complex transaction involving the mechanical structuring and transfer of the majority of Bangkok Bank Indonesia's assets and liabilities to Bank Permata.
The integration has been approved by the Indonesian Financial Services Authority (OJK) and is effective as of 21 December 2020, following the prior announcement of the Integration Plan on 7 October 2020. The integration forms part of the proposal for Bank Permata to become a BUKU IV Bank, being a bank with a core capital of IDR 30 trillion or more.
It follows Bangkok Bank's successful completion in May 2020 of the US$2.3 billion acquisition of an 89.12 percent shareholding of Bank Permata from Standard Chartered Bank and PT Astra International Tbk, and the subsequent mandatory tender offer by Bangkok Bank for shares owned by the public shareholders in Bank Permata. White & Case advised Bangkok Bank on both the acquisition and the tender offer.
The White & Case team which advised on the transaction was led by partner Jon Bowden (Singapore) and counsel Rika Rusman (Jakarta), and included association partners Kristo Molina and Fajar Ramadhan (Jakarta), partner James Hardy (London) and associates Kyle Oh, Si Wei Chua, Trishala Naidu, Wei Bin Quek (all Singapore), Muhammad Adzkia Fatah, Wuri Prastiti, Deborah Victoria, Astrid Desmonda, Yoshivan Immanuel, Janet Lim (all Jakarta) and Nathaniel Crowley (Hong Kong).
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