Banking Update

Bank Permata (BNLI), co-owned by Standard Chartered Bank and Astra International (ASII), booked profit after tax of Rp748 billion in 2017, against loss of Rp6.48 trillion in 2016. Net interest income declined 11.2% to Rp5.2 trillion from previous Rp5.88 trillion, but operating profit rose 5.25% to Rp8.58 trillion from earlier Rp8.15 trillion

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Update on Muamalat-Minna Padi Deal

Management of securities firm Minna Padi Investama Sekuritas (PADI) has on Wednesday (Feb 7) confirmed our earlier report that it now acts as the facilitator for the acquisition over Bank Muamalat, pioneer of sharia banking in Indonesia, instead of being a standby buyer. The Conditional Share Subscibtion Agreement (CSSA) signed by both parties had lasted on Dec 31, 2017.

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