HHP Law Firm acted as the lead counsel to Bank Permata Tbk on its integration plan with Bangkok Bank branches, which was announced on 7 October. This integration plan is unique and complex as it does not ascribe to an atypical merger framework. It follows the framework which HHP Law Firm had advised HSBC Bank for its integration with Bank Ekonomi in mid-2017, which was the first of its kind and was modelled by the Financial Services Authority (OJK) in its 2019 regulation for integration. The integration is still subject to certain conditions.
Our Banking and Finance team who specialises in bank M&As -- comprising of Senior Partner Erwandi Hendarta, Partner Mahardikha Sardjana and Associate Partner Eddie Dewanda -- advised Bank Permata as the receiving bank.
"We are proud to assist Bank Permata in this integration plan with Bangkok Bank, an exercise where we have had past experience in doing the first integration for HSBC and Bank Ekonomi. This integration is the first integration plan using the (new) OJK regulation on integration," said Erwandi.
The Firm had previously assisted in the sale of Bank Permata to Bangkok Bank where we acted for Standard Chartered Bank and Astra International (see here) which was completed in the middle of this year.