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Jakarta Post

Bank Permata appoints Bangkok Bank executives as new commissioners

  • Yunindita Prasidya

    The Jakarta Post

Jakarta   /   Tue, April 28, 2020   /   12:05 pm
Bank Permata appoints Bangkok Bank executives as new commissioners A man walks past the logo of Bank Permata at the lender's branch office in Jakarta. (Tempo/Eko Siswono Toyudho)

Shareholders of private-owned Bank Permata have appointed executives of Thailand-based Bangkok Bank Public Company as new commissioners following the latter’s acquisition of the former’s majority stakes. 

Bangkok Bank president Chartsiri Sophonpanich will act as Bank Permata’s new president commissioner, replacing Sebastian Ramon Arcuri. Bangkok Bank senior executive vice president Chong Toh, executive vice president and general manager Chalit Tayjasanant and senior executive vice president Niramarn Laisathit will also join the new board of commissioners, replacing Suparno Djasmin, Mark Spencer Greenberg and Ian Charles Anderson. 

Read also: Astra, Standard Chartered sell Bank Permata at lower price to Bangkok Bank

The publicly listed bank’s new board of commissioners will effectively take on its role after the Financial Services Authority (OJK) approves the appointments, according to the minutes of the bank’s extraordinary shareholders meeting on April 23, which was published on the Indonesia Stock Exchange (IDX) website. 

In the meeting, the shareholders also approved Bangkok Bank’s acquisition deal in which the bank will own 89.12 percent of Bank Permata’s total shares, taking over the ownership from diversified conglomerate Astra International and private-owned Standard Chartered Bank, each of which previously owned 44.56 percent of the bank’s total shares. 

Bangkok Bank, the largest commercial bank in Thailand, established its branches in Indonesia decades ago. Its Jakarta branch was set up in 1968 and its Surabaya and Medan branches have been operating since 2012 and 2013 respectively. 

“Bangkok Bank plans to further invest in Bank Permata’s clients, employees, business partners and infrastructure, as well as in transforming Bank Permata into a leading BUKU IV bank in Indonesia,” the statement says.

Read also: Mergers, acquisitions in banking industry mark 2019 despite weak loan growth

Currently, Bank Permata is placed in the BUKU III category, a cluster of banks with core capital between Rp 5 trillion (US$322.77 million) and Rp 30 trillion. BUKU IV banks are those with core capital of over Rp 30 trillion. 

Bank Permata share prices, traded on the IDX under the code BNLI, have rallied upward in the past month. Between March 30 and April 27, the prices have gone up 18.18 percent, closing at Rp 1,235 per share on Monday.

As morning trading started on Tuesday, the bank’s share prices entered the red zone, falling 0.81 percent to Rp 1,225 within the first hour of trading.