April 9, 2018 / 5:53 AM / 16 days ago

Standard Chartered says no decision reached on Bank Permata stake

JAKARTA/SINGAPORE (Reuters) - Standard Chartered Plc (STAN.L) said on Monday it had not taken any decision regarding its holding in Indonesia’s Bank Permata (BNLI.JK), after a newspaper report said a team led by Farallon Capital Management is seeking a 44.56 percent stake in the bank.

FILE PHOTO: A woman walks near a logo of PT Astra International at Astra International headquarter in Jakarta, Indonesia, October 27, 2016. REUTERS/Iqro Rinaldi/File photo

Standard Chartered and Indonesian conglomerate PT Astra International (ASII.JK) jointly control the Indonesia bank, each owning 44.56 percent.

Shares in Bank Permata surged on the report by the Kontan daily, trading 6 percent higher to give it a market value of some $1.2 billion. It rose as much as 12.9 percent at one stage but pared gains after an Astra spokesman said the conglomerate has not held talks with the U.S. hedge fund.

There has been persistent speculation in the last few years that the ownership structure of Bank Permata could change, with the bank linked to takeover talk.

“With regard to our stake in Permata Bank, the Bank (Standard Chartered) has not reached a decision. Having been operating in Indonesia for more than 150 years, we maintain our longstanding commitment to the country,” Standard Chartered said in a statement.

Astra said also said it and Standard Chartered were still committed to improving the health of Permata Bank.

Farallon could not immediately be reached for comment.

    Reporting by Cindy Silviana and Anshuman Daga; Editing by Stephen Coates and Edwina Gibbs

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