British-based Standard Chartered is planning to bid for a stake in Bank Muamalat, the oldest Islamic bank in Indonesia, after its local affiliate, Bank Permata, withdrew from the race.
Qatar Islamic Bank and Bank Mega were among suitors that submitted second-round bids ahead of last week’s deadline. The decision by StanChart, which has been operating in Indonesia for more than 150 years, to pursue the 15 percent stake, valued at almost $300 million.
StanChart can pursue the stake in Muamalat because central bank rules allow majority owners of commercial lenders to have control of Shariah-based banks too. StanChart and Astra International, the country’s largest auto retailer, each own a 44,5 percent stake in Bank Permata.
StanChart was continuing with due diligence and was likely to submit a bid soon, a source with direct knowledge of the matter said. Morgan Stanley help Muamalat running the auction.
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