Bangkok Bank received in-principle approval from OJK to integrate its three Indonesian branches into its subsidiary PT Bank Permata Tbk (PermataBank).

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 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,” said Mr. Chartsiri. He 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 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.

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