Permata Bank is the tenth biggest bank in Indonesia in 2016 by assets. Originally a privately owned bank called Bank Bali, it was the center of a massive corruption scandal in 1999, resulting in its management being taken over by the government. It was subsequently sold to Standard Chartered and Astra International, which in 2020 sold their majority stake to Bangkok Bank.
History
Bank Bali
PT Bank Bali Tbk was incorporated on 17 December 1954. It commenced commercial operations on 5 January 1955 and obtained an operating license on 19 February 1957. The bank also obtained licenses to engage in foreign exchange and sharia banking activities on 8 May 1956. In 1999, Bank Bali president director Rudy Ramli, who had inherited the bank from his father in 1992, was pressured into paying a commission of Rp546 billion to PT Era Giat Prima, a company run by Golkar Party deputy treasurer Setya Novanto, in order to collect Rp904 billion of outstanding money from the Indonesian Bank Restructuring Agency. The Baligate scandal resulted in Rudy losing control of the bank, which was placed under the management of IBRA before being taken over by Standard Chartered.
Merger
In 2002, Bank Bali was merged with four banks under the administration of IBRA: Bank Universal Tbk, Bank Prima Express, Bank Artamedia and Bank Patriot. To fulfill the minimum Capital Adequacy Ratio stipulated by Bank Indonesia as a consequence of the legal transfer of all assets and liabilities from the four banks to Bank Bali, IBRA made a temporary capital investment to Bank Bali totaling IDR 4,600,000. This temporary capital investment was made through private placement without preemptive rights of 111,111,111,111 new classB shares with nominal value of IDR 5 per share or total nominal value of IDR 555,556 and the remaining balance amounting to IDR 4,044,444 as additional paid-in capital. Bank Indonesia approved the merger of the four banks into Bank Bali in September 30 the same year, followed by the Bank Indonesia's approval of Bank Bali's rebranding to PT Bank Permata Tbk on 18 October 2002.
2020 sale
In May 2020, Bangkok Bank purchased an 89.12% stake in Bank Permata from diversified Astra International and Standard Chartered Bank for Rp33.66 trillion.
