British lender Standard Chartered has no intention to sell its 45% stake in Indonesia’s Bank Permata, said the bank’s Southeast Asia head.
"We do not have the intention of disposal (of the stake) at this stage," Standard Chartered CEO for ASEAN Lim Cheng Teck told Reuters on the sidelines of the World Economic Forum in Jakarta.
Standard Chartered and Indonesian conglomerate PT Astra International own 45% each in Bank Permata as of December 2014, according to Reuters’ data.
The two has bought the stakes together in 2004 and 2006, paying a total of $548m which is currently valued at around $660m.
According to Bank Permata president director Roy Arfandy, the Indonesian lender is expected to post an overall loan growth of 10% in 2015, slightly lower than 11-12% in 2014 due to the slowing economy.