Moody’s Investors Service has upgraded the long-term local and foreign currency deposit ratings of Bank Permata (BNLI) to Baa2 from Baa3. The agency has also upgraded the lender’ Adjusted Baseline Credit Assessment (BCA) to baa2 from ba1. The outlook has been changed to stable from ratings under review. Today’ rating action concludes the review for upgrade initiated on Dec 18, 2019.

The upgrade of Bank Permata‘ long-term deposit ratings after Bangkok Bank Public Co.Ltd., (Baa1 stable, baa1) completed its acquisition of a 89.12% stake of the bank on May 20. The lender is Bangkok Bank’ most significant overseas investment to date and will account for around 10% of the latter’ total loans.

More importantly, Bank Permata will represent a critical part of the new parent’ long-term strategy to diversify outside of Thailand and capture business opportunities in the growing intra-Southeast Asia trade space.