Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

StanChart CEO says 'actively working' on Indonesian bank stake

Stock MarketsOct 13, 2018 08:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto

By Sumeet Chatterjee

NUSA DUA, Indonesia (Reuters) - Standard Chartered Plc (L:STAN) is "actively working" on options for its stake in Indonesia's PT Bank Permata tbk (JK:BNLI), the British lender's Chief Executive Bill Winters said on Saturday.

StanChart and Indonesian conglomerate PT Astra International (JK:ASII) jointly control the Indonesia bank, each owning 44.56 percent. There has been persistent speculation in the last few years that the ownership structure of Bank Permata could change.

"It is something we are actively working on ... finding a solution for Permata," Winters told Reuters on the sidelines of the annual meeting of the Institute of International Finance on the Indonesian resort island of Bali.

"But frankly the bank is doing well," he said. "The bank needed to be fixed up, it's now fixed up. Now we can talk about what we need to do."

StanChart reported a $215 million loss in 2016 from its stake in Permata, due to rising bad loans and restructuring costs. The lender's financial performance has improved since then, however.

Winters also said that StanChart, which makes the bulk of its revenue in Asia, is adding more people and investing more in bolstering the infrastructure of its wealth management business, which, he said, was the bank's fastest growing business.

StanChart counts the Asian wealth hubs of Hong Kong and Singapore as its biggest wealth management markets, and Winters said there were opportunities to increase its market share in China, India and the rest of Southeast Asia.

The number of high net-worth individuals – or those with at least $1 million to invest – rose by 12 percent last year in Asia Pacific, exceeding growth rates anywhere else in the world, according to CapGemini.

StanChart CEO says 'actively working' on Indonesian bank stake

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email