Bangkok Bank integrates its Indonesia branches into PermataBank International network covers more than 300 branches in 14 economies

Bangkok Bank President Chartsiri Sophonpanich said the bank received in-principle approval from the Financial Services Authority of Indonesia (OJK) to integrate its three Indonesian branches including Jakarta, Surabaya and Medan into its subsidiary PT Bank Permata Tbk (“PermataBank”), which has more than 300 branches in 62 cities across Indonesia and has led Bangkok Bank to be the Thai bank with the largest international network. The contribution of international loans to the bank’s total loans increased from 17% to 25% as a result of the investment in PermataBank. This aligns with the bank’s strategy for stable and sustainable growth.

“The integration was a condition of OJK’s approval for Bangkok Bank to acquire an 89.12% shareholding in PermataBank on May 20, 2020. The process, which is expected to be completed within December this year, marks a significant milestone in Bangkok Bank’s history and will take its strategy of creating value through regional expansion to another level as well as strengthening the bank’s foundation. This will not only support Bangkok Bank and PermataBank customers in Indonesia but provide our regional customers with new growth opportunities and a broader range of products and services suited to their needs while delivering value for our shareholders.”

Mr. Chartsiri added that the integration, which is expected to be completed within December this year, will provide Bangkok Bank’s customers in Indonesia with access to a more complete and comprehensive banking experience through PermataBank’s network of more than 300 branches across Indonesia and its retail, Sharia, financial services that comply with Islamic law, and best-in-class digital banking services, as well as wider access to rupiah financing. These services were not previously available through Bangkok Bank Indonesia.

“Bangkok Bank has been present in Indonesia for more than 50 years and opened its first branch there in Jakarta in 1968. Bangkok Bank’s acquisition of PermataBank will enable both banks to leverage each other’s expertise and strengths in areas such as supporting large corporates and SMEs to expand their businesses. In particular, Bangkok Bank’s strong international network and relationships with top corporates across Asia, as well as its expertise in international trade finance services and industry knowledge will enable PermataBank to support its clients with high quality financial products and services and to access markets outside Indonesia through Bangkok Bank’s network in Thailand and other countries. Meanwhile, Bangkok Bank is committed to supporting customers across industries, including the agriculture and automotive sectors, in achieving its business goals and promoting financial inclusion and financial literacy,” Mr. Chartsiri said.

About Bangkok Bank
Bangkok Bank, established in 1944, is Thailand’s largest bank by total assets (Baht 3,806.3 billion or US$123.2 billion as of June 2020) and the 6th largest Southeast Asian bank by total assets. A leading diversified regional bank in Southeast Asia, it has more than 17 million customer accounts and 1,000 branches in Thailand. It is Thailand’s most international bank with more than 300 branches in 14 economies outside of its home market. Bangkok Bank has a presence in nine ASEAN countries as well as branches in Hong Kong, Japan, Taiwan, the United Kingdom and the United States. Its major international subsidiaries are PermataBank, Indonesia’s 12th largest bank by total assets, Bangkok Bank (China), with six branches providing coverage across the major regions in China, and Bangkok Bank Berhad, with five branches across Malaysia.

About PermataBank
PermataBank is Indonesia’s 12th largest bank by total assets (as at December 31, 2019) and Bangkok Bank’s largest investment. Bangkok Bank completed acquisition of 89.12% of PT Bank Permata Tbk (“PermataBank”) on May 20, 2020. It provides comprehensive financial services to more than 3 million customers across Indonesia through its network. Permata is a pioneer of Indonesia’s mobile banking and mobile payment technology, including its PermataMobile X application which has more than 200 innovative features.

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