Hiswara Bunjamin & Tandjung advised PT Bank Permata Tbk on the deal, while HHP Law Firm advised Standard Chartered Bank (SCB) and Astra International Tbk. White & Case LLP advised Bangkok Bank Public Company Limited.
Bangkok Bank bought stakes in Permata Bank totalling 89.12% from previous joint controllers, Standard Chartered Bank and PT Astra International, for a total purchase price of IDR33.8 trillion (US$2.3 billion).
Originally announced in December 2019, the Permata Bank transaction obtained approval from Indonesia’s financial services regulator and closed successfully on schedule on 20 May despite the current uncertainties caused by the Covid-19 pandemic.
The Jakarta team advising and supporting Bank Permata management was led jointly by HBT partner Viska Kharisma (Picture) and David Dawborn, Herbert Smith Freehills’ long-term senior international counsel in Indonesia. Viska and David were assisted by lead corporate international of counsel Cellia Cognard, and HBT associate teams from capital markets and financial services regulatory (Awang Perkasa and Ivina Suwana), M&A (Rebecca Ayuyantrie and Akhmad Sigit) and competition (Randitya Adiguna and Dandy Firmansyah).
The HHP Law Firm (member of Baker McKenzie International) team was led by Erwandi Hendarta, Mahardikha Sardjana, Iqbal Darmawan and Senior Associate Eddie Dewanda.
The White & Case team which advised Bangkok Bank on the transaction was led by partner Jon Bowden (Singapore), association partner Kristo Molina (Jakarta) and counsel Rika Rusman (Jakarta), supported by association partner Fajar Ramadhan (Jakarta) and associates Kyle Oh, Hendy Handoko, Trishala Naidu, Kian Newlyn (all Singapore), Muhammad Adzkia Fatah, Astrid Desmonda, Wuri Prastiti, Putri Dewi, Faiz Naufaldo and Yoshivan Immanuel (all Jakarta).
Involved fees earner: Iqbal Darmawan – Baker McKenzie; Eddie Dewanda – Baker McKenzie; Erwandi Hendarta – Baker McKenzie; Mahardikha Sardjana – Baker McKenzie; Cellia Cognard – Herbert Smith Freehills; David Dawborn – Herbert Smith Freehills; Ivina Suwana – Herbert Smith Freehills; Randitya Adiguna – Hiswara Bunjamin & Tandjung; Rebecca Ayuyantrie – Hiswara Bunjamin & Tandjung; Viska Kharisma – Hiswara Bunjamin & Tandjung; Awang Perkasa – Hiswara Bunjamin & Tandjung; Jon Bowden – White & Case; Hendy Handoko – White & Case; Kristo Molina – White & Case; Trishala Naidu – White & Case; Kyle Oh – White & Case; Fajar Ramadhan – White & Case;