November 15, 2019 / 9:25 AM / a month ago

Japan's SMFG boosted after two rivals drop out from Bank Permata bidding-sources

SINGAPORE, Nov 15 (Reuters) - Sumitomo Mitsui Financial Group’s (SMFG) chances of acquiring a majority stake in PT Bank Permata have improved after two key rivals dropped out of the race to buy the $2.4 billion-valued Indonesian lender, sources said.

While Singapore lender OCBC Group Holdings and DBS Group Holdings Ltd had shown interest in the auction for mid-sized Permata, they are no longer pursing it, the sources, who declined to be named because they were not authorised to talk to the media, said.

Reuters reported last week that SMFG and OCBC were working on competing offers and were seen as the frontrunners for Permata.

Standard Chartered Plc (StanChart) and Indonesian conglomerate PT Astra International each own a 45% stake in Permata.

Standard Chartered, SMFG, OCBC and DBS declined comment. Reuters was not immediately able to reach Astra for a comment. (Reporting by Anshuman Daga and Takashi Umekawa; Editing by David Clarke)

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