Standard Chartered

Standard Chartered Group (2888) announced that its Standard Chartered Bank sold a 44.56% stake in Indonesian bank Permata for a value of 1.3 billion yuan (USD ‧ same) (approximately 10.1 billion yuan), and is expected to record 500 million yuan in revenue.

Standard Chartered pointed out that the transaction can increase the common equity tier 1 capital by about 100 million yuan, reduce risk-weighted assets by about 9.5 billion yuan, and increase the common equity tier 1 capital ratio by about 50 basis points.

Standard Chartered pointed out that on February 26 this year, it has stated that its 44.56% stake in Permata is no longer a core asset, and in order to continue its operations and future growth in Indonesia, it decided to focus on operating its wholly-owned banking business through Standard Chartered Bank Indonesia Branch. Standard Chartered also pointed out that the sale of Permata equity is an important part of the capital optimization plan.

Standard Chartered Chief Executive Officer Wen Tuosi pointed out that the sale of Permata’s shares prompted the bank to focus on wholly-owned businesses in the Indonesian market and release capital for reinvestment or return to shareholders.

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