Bank Mandiri Starts Negotiation to Buy Permata Shares
Translator
Ririe Ranggasari
Editor
Petir Garda Bhwana
Selasa, 9 April 2019 13:15 WIB
TEMPO.CO, Jakarta - Bank Mandiri (IDX: BMRI) announced that this week they will start negotiating with the controlling shareholders of Bank Permata (BNLI). The state bank also continues to coordinate with the Financial Services Authority regarding the transaction process.
However, the OJK has not given its official approval yet—waiting until the negotiations are complete.
"Right now we are finalizing the due diligence process," Mandiri CEO Kartika Wirjoatmodjo said on Tuesday, April 9.
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The SOE Ministry has given its approval for Mandiri to acquire Permata shares in a bid to increase return on equity (RoE). The government, as the majority shareholder of Mandiri, leaves everything to the bank's management.
Gatot Trihargo, the SOE Ministry's deputy for financial services, survey and consultation, said Bank Mandiri is mulling to merge Permata with one of its subsidiaries, Bank Mandiri Taspen (Bank Mantap).
As per February 28, the majority shareholders of Bank Permata are Standard Chartered Bank and Astra International, each with 44.56 percent shares. The remaining 10.88 percent of the shares belong to the public.
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