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StanChart has no intention to sell stake in Indonesia's Bank Permata: SE Asia CEO
[JAKARTA] Standard Chartered PLC has no intention to sell its stake in Indonesia's Bank Permata Tbk, the British lender's Southeast Asia head said on Tuesday.
Standard Chartered and Indonesian conglomerate PT Astra International Tbk owned 45 per cent each in Bank Permata as of December 2014, according to Thomson Reuters data. "We do not have the intention of disposal (of the stake) at this stage," Lim Cheng Teck, CEO for Asean at Standard Chartered, told Reuters on the sidelines of the World Economic Forum in Jakarta.
Standard Chartered's abrupt move to shut its global equities business in January could be a prelude to the lender selling off stakes in a number of Asian banks as it looked to boost capital, people familiar with the lender's thinking had previously said.