HHP Law Firm had advised joint sellers Standard Chartered Bank (SCB) and Astra International Tbk. (Astra) on the landmark completion of the USD 2.14 billion sale of Bank Permata to Bangkok Bank, Thailand's largest bank by assets. SCB and Astra sold their stake of 89.12% as a 'one-step' sale to Bangkok Bank, marking this as the first major overseas bank acquisition by a Thai bank.

Our Banking and Finance team led by Partner Erwandi Hendarta, advised the joint sellers against other bidders, and provided counsel on multiple issues unique to each bidder. This cross border transaction was complex for a few reasons:

  • As the high profile sale was completed amid the COVID-19 pandemic via auction, it meant that all completion procedures were conducted online -- a first for a transaction of this size;
  • The joint sellers were able to sell their stake via a 'one-step' sale, instead of the customary two-step sale. We had successfully advised our clients on the unique structure and interlinked issues of the sale, based on our understanding and experience of working with Indonesian banking regulators; and
  • This cross border transaction involved careful navigation of the banking laws in multiple jurisdictions, which include Thailand, Indonesia, Hong Kong and the United Kingdom.

"We are very humbled to have advised and represented two clients -- one global and another which is a large Indonesian conglomerate -- on this important transaction. This intra-ASEAN investment by one of the biggest financial institutions in Thailand demonstrates the long-term value of investing into the financial sector in Indonesia, despite the uncertainties caused by the COVID-19 pandemic. We have been proud to have worked on this alongside SCB and Astra, providing our counsel on Indonesia's banking regulations," said Erwandi in relation to the transaction.

Erwandi was supported by Partners Mahardikha Sardjana and Iqbal Darmawan, and Senior Associate Eddie Dewanda.

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