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White & Case Advises Bangkok Bank on US$2.3 Billion Acquisition of Bank Permata

Global law firm White & Case LLP has advised Bangkok Bank Public Company Limited on its IDR33.66 trillion (US$2.3 billion) acquisition of an 89.12 percent shareholding in leading Indonesian bank PT Bank Permata Tbk from Standard Chartered Bank and PT Astra International Tbk. 

It is the first acquisition of a publicly listed bank under Indonesia’s recently revised investment laws for Indonesian banks. The conditional share purchase agreement was signed in December 2019 and the transaction completed in May 2020.

“We have supported our client Bangkok Bank, which has a long history in Indonesia, on this significant transaction which further strengthens its position as a leading diversified ASEAN bank, giving it a stronger presence in Southeast Asia’s two largest economies,” said White & Case partner Jon Bowden, who co-led the Firm’s deal team.

Kristo Molina, partner at White & Case’s associated law firm in Indonesia, Witara Cakra Advocates, said: “Our team has helped Bangkok Bank achieve its strategic move for growth through this acquisition of Bank Permata.”

White & Case partner Jonathan Olier, Head of the Mergers & Acquisitions and Private Equity practice group for Southeast Asia, said: “The speed and seamless execution with which this complex, cross-border transaction was executed reflect our team’s continuing market leading practice and our ability to provide our clients with unrivalled transactional expertise in both Singapore and Indonesia.” 

The White & Case team which advised on the transaction was led by partner Jon Bowden (Singapore),  association partner Kristo Molina (Jakarta) and counsel Rika Rusman (Jakarta), supported by association partner Fajar Ramadhan (Jakarta) and associates Kyle Oh, Hendy Handoko, Trishala Naidu, Kian Newlyn (all Singapore), Muhammad Adzkia Fatah, Astrid Desmonda, Wuri Prastiti, Putri Dewi, Faiz Naufaldo and Yoshivan Immanuel (all Jakarta).

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