Tycoon eyes StanChart's Indonesia bank stake in march to top

Jakarta

INDONESIAN business tycoon Tahir is keen to gain control of PT Bank Permata, a larger rival to his PT Bank Mayapada International, as he seeks to put his lender in the ranks of the nation's biggest banks.

Mr Tahir's Mayapada Group wants to buy the 90 per cent of Permata that is owned by Standard Chartered plc and PT Astra International, and merge it with Bank Mayapada to create Indonesia's largest non-government bank by assets after PT Bank Central Asia (BCA), he said. The group has been buying shares of Permata from the market since November, said Mr Tahir, who uses only one name. Standard Chartered and Astra own 45 per cent each in Permata.