White & Case has advised Thailand’s Bangkok Bank on its $2.3 billion acquisition of an 89 percent stake in Indonesia’s PT Bank Permata from Standard Chartered Bank and PT Astra International.

Hiswara Bunjamin & Tandjung acted for PT Bank Permata, while Standard Chartered Bank and PT Astra International were represented by HHP Law Firm.

This was the first acquisition of a publicly listed bank under Indonesia’s recently revised investment laws for Indonesian banks.

Standard Chartered and Indonesian diversified conglomerate PT Astra International were the majority owners of Bank Permata, each owning 44.56 percent.

Partner Jon Bowden led the White & Case team while the HHP team was led by partners Erwandi Hendarta, Mahardikha Sardjana and Iqbal Darmawan.

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