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Wednesday, March 10, 2010

Bank Permata Gets IDR700 Billion Fresh Funds From Standard Chartered

By Linda Silaen; Dow Jones Newswires; 62-21 39831277; I-Made.Sentana@dowjones.com

Dow Jones Newswires

JAKARTA -(Dow Jones)- PT Bank Permata (BNLI.JK) has raised IDR700 billion ($76 million) by selling 10-year unsecured subordinated medium-term notes to its shareholder Standard Chartered PLC (STAN.LN).

The note, which was priced at par, carries a coupon of 275 basis points over the rate for Bank Indonesia's three-month money market notes, Bank Permata said Thursday.

"This issuance further strengthens Permata's balance sheet and gives us even greater flexibility to take advantage of growth opportunities in the Indonesian banking market as they emerge," President Director David Fletcher said in a press release.

Standard Chartered holds a 44.5% stake in Bank Permata, with PT Astra International (ASII.JK) owning 44.5%, and the public the remaining 11%.

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