StanChart and Astra make joint bid for Permata

Standard Chartered looks to motor its way into pole position in its bid for Bank Permata of Indonesia.

Standard Chartered announced late on Friday that it is to team up with Astra International to make a joint preliminary bid for a 71% stake in Bank Permata being sold by the Indonesian government. The stake is one of the last major bank assets for sale in Indonesia and has attracted considerable international attention.

That Standard Chartered should so publicly make its intentions known, months before the winner is even announced has been interpreted as a sign of how serious it is about winning this asset. That is has teamed up with Astra adds a strategic twist to a bid, which is giving analysts much food for thought.

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