Bangkok Bank Public Company Limited (SET:BBL) made an offer to acquire remaining 10.88% stake in PT Bank Permata Tbk (IDX:BNLI) for approximately IDR 4.1 trillion on May 20, 2020. The tender offer price per share is IDR 1,347 per share. As per terms, Bangkok Bank Public Company Limited made an offer to acquire 26.9 million Class A shares at IDR 12,500 per share and 3.02 billion Class B shares at IDR 125 per share. The consideration will be paid from the internal sources of Bangkok Bank Public Company Limited. Bangkok Bank Public Company Limited has obtained approvals from Otoritas Jasa Keuangan (OJK), approval from Bank of Thailand in its approval letter dated March 26, 2020 and approval from its extraordinary general meeting of shareholders dated March 5, 2020. The tender offer period will commence on August 27, 2020 and will close on September 25, 2020. The settlement date of the offer is October 7, 2020. PT Mandiri Sekuritas acted as financial advisor; Witara Cakra Advocates acted as legal advisor and PT Raya Saham Registra acted as share registrar to Bangkok Bank Public Company Limited.

Bangkok Bank Public Company Limited (SET:BBL) completed the acquisition of an additional 10.59% stake in PT Bank Permata Tbk (IDX:BNLI) for approximately IDR 4.0 trillion on October 7, 2020. During the offer period, approximately 2.97 billion shares were tendered and accepted. Upon completion, Bangkok Bank Public Company Limited holds 98.71% stake in PT Bank Permata Tbk. Erwandi Hendarta, Mahardikha Sardjana and Eddie Dewanda of HHP Law Firm acted as legal advisors to PT Bank Permata. Bank Permata Tbk completed the integration plan with Bangkok Bank branches.