November 7, 2019 / 10:06 AM / 8 days ago

SMFG, OCBC competing to buy majority stake in Indonesia's Bank Permata-sources

SINGAPORE, Nov 7 (Reuters) - Sumitomo Mitsui Financial Group (SMFG) and Singapore lender OCBC Group Holdings are working on competing offers for Indonesia’s PT Bank Permata, sources familiar with the matter said on Thursday.

Standard Chartered Plc (StanChart) and Indonesian conglomerate PT Astra International each own a 45% stake in Permata, whose shares have nearly doubled this year to value it at about $2.7 billion.

SMFG, OCBC and StanChart declined comment while there was no immediate response from Astra.

The sources declined to be named as they were not authorised to speak to the media.

SMFG and OCBC are seen as the frontrunners though sources said DBS Group Holdings Ltd Singapore’s largest bank, and other Southeast Asian banks were also interested in Permata.

DBS declined comment. (Reporting by Anshuman Daga in Singapore and Takashi Umekawa in Tokyo; additional reporting by Fransiska Nangoy in Jakarta; editing by Jason Neely)

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