Last year, Indonesia and Thailand celebrated their 70th anniversary of diplomatic relations. The celebration was coincidently followed by historical business ties as Thailand's oldest family bank, the Bangkok Bank Public Company Limited (Bangkok Bank), took over 89.12% stakes in Indonesia's PT Bank Permata. In May, Bangkok Bank paid $2.7 billion to Bank Permata's previous owners Standard Chartered Bank and Astra International, marking it as the first major acquisition of an Indonesian bank by a Thai bank. Not long after the purchase, the Bangkok Bank Indonesia branch merged into Bank Permata.
Bangkok Bank is one of the largest commercial banks in Thailand, with total assets of around $108 billion in 2019. The Thai-Chinese Sophonpanich family established the bank in 1944. The lender's current president is Chartsiri Sophonpanich, the grandson of its founder and former president Chin Sophonpanich and the son of former president Chatri Sophonpanich, the bank's current chairman. The bank is also known to have a long historical relationship with Indonesian conglomerates, including with the late Salim Group founder Sudono Salim. Richard Borsuk and Nancy Chng's Liem Sioe Liong's Salim Group: The Business Pillar of Suharto's Indonesia mentioned that Salim who is known to be the rainmaker for the former President Soeharto - often relied on Chin and his Bangkok Bank to finance critical projects, including when he was building his cement venture.
The acquisition is mutually beneficial, says Bank Permata's president director Ridha Wirakusumah.
Denne historien er fra January 2021-utgaven av Forbes Indonesia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 2021-utgaven av Forbes Indonesia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
BACK ON TRACK
Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.
Championing Locals
The wave of social commerce is enabling inclusive digital economies beyond urban areas.
Boys in the Bubble
Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.
Enduring Relations
The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.
Sweet Success
Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.
Marathon Man
Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.
Gold Rallies on Inflation Fears
During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.
Set Off to A New Start
Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.
The Daily Intake
YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.
THE CROESUS OF CRYPTO
FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.
