JAKARTA, 8 Dec 2010 - PT Bank Permata Tbk. ("PermataBank") announced today the completion of its acquisition of PT GE Finance Indonesia's ("GEFI"), following the formal approval of the transaction by Bank Indonesia. GEFI is Indonesia's only non-bank credit card issuer, commanding about 6% of the market share. As a result of the acquisition, PermataBank will effectively more than triple the size of its credit card portfolio, with a resulting market share of approximately 8%.
The acquisition represents a major milestone in PermataBank's evolution into an outstanding Indonesian provider of financial services in the consumer and commercial segments and sets the stage for accelerated growth into the future. It will also bring tremendous value to PermataBank's business by leveraging GEFI's strengths in terms of its customer base, as well as innovative product development and marketing; superior risk management systems and capabilities; and GEFI's exceptionally diverse pool of talent and expertise.
First announced in June 2010 through the signing of a Share Sales Agreement between PermataBank and GEFI, the acquisition is highly complementary to PermataBank's existing consumer banking business and presents a strategic opportunity to significantly build the scale of PermataBank's credit card business and to strengthen its auto joint financing platform.
David Fletcher, President Director of PermataBank, said "The acquisition exemplifies the strong commitment of our two outstanding shareholders, Astra International and Standard Chartered Bank, and is a good example of us taking advantage of growth opportunities in our core businesses as they emerge."
Mr Fletcher continued, "PermataBank is already one of Indonesia's top 10 banks. Our performance has been very strong and continues to remain so for 2010. For the nine months of 2010, we have posted very encouraging year-on-year growth in all the key areas such as the size of our loan book, operating revenue and net profit. The injection of GEFI's sizeable credit card and auto financing business will give us access to more than 1 million new credit card and auto financing customers. This, combined with our own base of consumer banking customers will present PermataBank with exceptional complementary opportunities for the cross-selling of value-added services. "
The acquisition also adds another dimension of quality to PermataBank's operations, particularly in terms of risk management, credit financing systems and banking talent.
Said Mr Fletcher, "GEFI has a very strong reputation and proven track record for risk management and credit financing, both of which are critical to PermataBank's on-going success. By leveraging these best of breed capabilities, as well as tapping into the extensive talent of GEFI's professionals, we will be creating a solid platform to tap into opportunities for growth well into the future."
Following the conclusion of the acquisition, PermataBank will integrate the credit card portfolios of GEFI and PermataBank under the management of PermataBank. This process is expected to take between nine to 12 months during which GEFI will continue to run as a standalone entity.
For further information please contact:
Head, Corporate Affairs
P: +62 21 523 7899 # 1766
F: +62 21 523 7253
Head, Corporate Secretary
P: +62 21 523 7999
F: +62 21 252 4492
email : email@example.com
PROFILE OF PT BANK PERMATA Tbk
PT Bank Permata Tbk (PermataBank) is the result of a merger of 5 (five) banks: (1) PT. Bank Bali Tbk; (2) PT. Bank Universal Tbk; (3) PT. Bank Prima Express; (4) PT. Bank Artamedia; and (5) PT Bank Patriot in 2002. Today PermataBank has grown into a major private bank that offers products and services, innovative and comprehensive delivery channels including Internet Banking and Mobile Banking. PermataBank has aspirations to become a leading financial services provider in Indonesia, with a focus on the Consumer and Commercial segments. Serving approximately 1.9 million customers in 55 cities in Indonesia, the Bank has approximately 5,400 permanent employees, 275 branches (including 10 sharia branches) and 610 ATMs with additional access at more than 20,000 ATMs (VisaPlus, Visa Electron, MC, Alto, ATM Bersama , ATM BCA). Corporate website can be accessed at http://www.permatabank.com.
The recognition of recent achievements by PermataBank are awards from Bisnis Indonesia as The Best National Bank 2010, The Most Profitable and The Most Efficient Sharia Unit 2009 from The Islamic Award Nite 2010, The Asian Banker "The Bank with the Best Cash Management in Indonesia" in 2010, The Most Prestigious Carre 'in the CCSL's Annual Call Center Award 2010 for five times in a row, ranked first Annual Report Award 2008 for the categories listed private banks and the overall champion "Annual Report Award in 2008 for all categories, the first rank the best e-Company Award 2008 for all categories, Corporate Governance Award for Best equitable treatment of Issued The Business Review, the Association of Indonesian Listed Companies and the IICD, second place Best CEO in Asia Best Managed Companies and eight great The Best Corporate Governance in Asia Best Managed Companies from Finance Asia Magazine, Islamic Finance Awards & CUP 2009 (IFAC 2009), ranked first by category of assets UUS> Rp1 trillion and ranked first most profitable companies for asset kategoti> Rp1 trillion, from Karim Business Consulting, Banking Service Excellence Awards 2009 (10 conventional and sharia 7) of the MRI & Described, from MURI Award for saving unison in 12 cities for the student, the Prestigious Service Quality Award in 2009 from Diamond Carre - Center for Service Satisfaction & Loyalty (CCSL) & Marketing Magazine and Banking Business Efficiency Award 2009 from Bisnis Indonesia.(Corporate Affairs)