Bank Permata

Permata Bank (or Bank Permata) is the tenth biggest bank in Indonesia in 2016 by assets.[1] Originally a privately owned bank called Bank Bali, it was the center of a massive corruption scandal in 1999, resulting in its management being taken over by the government. It was subsequently sold to Standard Chartered and Astra International, which in 2020 sold their majority stake to Bangkok Bank.

PT Bank Permata Tbk.

Type	Public
Traded as	IDX: BNLI
Industry	Banking Financial Services
Predecessor	PT Bank Bali Tbk PT Bank Universal Tbk PT Bank Prima Express PT Bank Artamedia PT Bank Patriot
Founded	2002 (merger) 1954 (PT Bank Bali Tbk)
Headquarters	Jakarta , Indonesia
Number of locations	331 offices (Dec 2016)
Area served	Indonesia
Key people	Ridha DM Wirakusumah (CEO)
Products	Consumer Banking Corporate Banking Credit Cards Investment Banking Mortgage loans Private Banking
Total assets	IDR 165,527,512 (in million) (Dec 2016)
Total equity	IDR 19,257,899 (in million) (Dec 2016)
Number of employees	7499 (Dec 2016)
Parent	Bangkok Bank
Subsidiaries	PT Sahabat Finansial Keluarga PT Astra Sedaya Finance PT Sarana Bali Ventura PT Sarana Bersama Pengembangan Indonesia Indonesia PT Aplikanusa Lintasarta PT Kustodian Sentral Efek Indonesia
Website

History

Bank Bali

PT Bank Bali Tbk was incorporated on 17 December 1954. It commenced commercial operations on 5 January 1955 and obtained an operating license on 19 February 1957. The bank also obtained licenses to engage in foreign exchange and sharia banking activities on 8 May 1956.[2]

In 1999, Bank Bali president director Rudy Ramli, who had inherited the bank from his father in 1992, was pressured into paying a commission of Rp546 billion to PT Era Giat Prima, a company run by Golkar Party deputy treasurer Setya Novanto, in order to collect Rp904 billion of outstanding money from the Indonesian Bank Restructuring Agency (IBRA). The Baligate scandal resulted in Rudy losing control of the bank, which was placed under the management of IBRA before being taken over by Standard Chartered.[3]

Merger

In 2002, Bank Bali was merged with four banks under the administration of IBRA: Bank Universal Tbk (Universal), Bank Prima Express (Primex), Bank Artamedia (Artamedia) and Bank Patriot (Patriot).

To fulfill the minimum Capital Adequacy Ratio (CAR) stipulated by Bank Indonesia as a consequence of the legal transfer of all assets and liabilities from the four banks to Bank Bali, IBRA made a temporary capital investment to Bank Bali totaling IDR 4,600,000. This temporary capital investment was made through private placement without preemptive rights of 111,111,111,111 new class B shares with nominal value of IDR 5 per share or total nominal value of IDR 555,556 and the remaining balance amounting to IDR 4,044,444 as additional paid-in capital.

Bank Indonesia approved the merger of the four banks into Bank Bali in September 30 the same year, followed by the Bank Indonesia's approval of Bank Bali's rebranding to PT Bank Permata Tbk on 18 October 2002.[2]

2020 sale

In May 2020, Bangkok Bank purchased an 89.12% stake in Bank Permata from diversified Astra International and Standard Chartered Bank for Rp33.66 trillion (US$2.3 billion).[4]

Shareholders

Shareholder	2002[5]	2003[6]	2004[7]	2005[8]	2006[9]	2007[10]	2008[11]	2009[12]
BPPN	91,33%	91,33%	-	-	-	-	-	-
Government	6,34%	5,84%	26,17% ^1	26,16% ^1	-	-	-	-
Public	2,33%	2,83%	10,73%	10,74%	10,990%	10,990%	10,990%	10,990%
Astra International	-	-	31,55%	31,55%	44,505%	44,505%	44,505%	44,505%
Standard Chartered Bank	-	-	31,55%	31,55%	44,505%	44,505%	44,505%	44,505%

¹ In the financial report, government manages its share in Bank Permata under PT Perusahaan Pengelola Asset (PPA) (Ministry of Finance of the Republic of Indonesia)

Subsidiaries

This is the list of Bank Permata subsidiaries.[2]

• PT Sahabat Finansial Keluarga - Consumer Finance
• PT Astra Sedaya Finance - Consumer Finance
• PT Sarana Bali Ventura - Venture Capital
• PT Sarana Bersama Pengembangan Indonesia - Investment
• PT Aplikanusa Lintasarta - Communication
• PT Kustodian Sentral Efek Indonesia - Capital Market

References

1. Laporan Tahunan PermataBank
2. Permata Bank : Annual Report 2009
3. O'Clery, Conor (27 August 1999). "Major Indonesian banking scandal threatens re-election of president". The Irish Times. Retrieved 6 July 2020.
4. Rahman, Riska (22 May 2020). "Bangkok Bank acquires majority stake in Bank Permata for $2.3b". The Jakarta Post. Retrieved 6 July 2020.
5. Permata Bank : Audited Financial Report (December 2002)
6. Permata Bank : Audited Financial Report (December 2003)
7. Permata Bank : Audited Financial Report (December 2004)
8. Permata Bank : Audited Financial Report (December 2005)
9. Permata Bank : Audited Financial Report (December 2006)
10. Permata Bank : Audited Financial Report (December 2007)
11. Permata Bank : Audited Financial Report (December 2008)
12. Permata Bank : Audited Financial Report (December 2009)

External links

• (in English) PermataBank Review

See also

• Bank Indonesia
• List of banks in Indonesia