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Report: OCBC eyes majority stake in Indonesia's Bank Permata

Oversea-Chinese Banking Corp. Ltd. is considering to acquire a near 90% stake in Indonesia's PT Bank Permata Tbk that has a market value of around US$1.9 billion, Bloomberg News reported Aug. 14, citing people with knowledge of the matter.

The Singapore-based bank already owns about 85% of Bank OCBC NISP, the report said. If the deal with Bank Permata goes through, OCBC will likely have to combine the two operations as local laws require, which will create the fifth-largest lender in Indonesia.

OCBC is looking to acquire stakes held by Standard Chartered PLC and PT Astra International Tbk, which own about a 44.6% stake each in the Indonesian bank.

Negotiations are still at an early stage and may not result in a deal, the people noted.