Sumitomo Mitsui Financial Group and OCBC Group are believed to be readying their offers to compete for the acquisition of Indonesian lender PT Bank Permata.
The two banks have separately conducted due diligence on Permata in the past several months, citing unnamed sources. This follows recent reports that OCBC was still making considerations on whether or not to submit a bid.
The two banks earmarked as the frontrunners for the deal but DBS and other Southeast Asian lenders were also reportedly interested in Permata. At least two parties will be shortlisted for the final round, the report continued, with Bank Permata seeking a valuation exceeding 1.6 times book value.
Currently, Standard Chartered and PT Astra International each own a 45 percent stake in Permata, a mid-sized lender with a 320-strong branch network in Indonesia.
