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RETAIL BANKING | Staff Reporter, Indonesia

Indonesia's Bank Mandiri mulls takeover of Standard Chartered-backed rival: report

It could merge it with Mandiri itself or with its unit, Bank Mantap.

Bloomberg reported that PT Bank Mandiri is exploring a takeover of its rival lender, PT Bank Permata, sources revealed.

Also read: Indonesia urged to cut bank network to 70 lenders

The state-run bank is reportedly working with Morgan Stanley for the potential deal which it aims to complete by 2019. According to sources, Mandiri is eyeing to buying control of its Standard Chartered-backed rival and merging it with Mandiri or its unit, PT Bank Mandiri Taspen, known as Bank Mantap.

StanChart earlier said that its investment in Permata is no longer considered core which signals that the bank may be willing to dispose of its stake.

Here’s more from Bloomberg.

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