Bangkok: Bangkok Bank has announced a strategic partnership with Permata Bank to enhance investment connections between Thailand, Indonesia, and the broader ASEAN region. This collaboration aims to position Bangkok Bank as a central hub for attracting business investment into Indonesia and ASEAN, contributing to sustainable economic growth.
According to Thai News Agency, the President of Bangkok Bank Public Company Limited, Mr. Chartsiri Sophonpanich, emphasized the bank's long-standing commitment to the region. As the first foreign bank in ASEAN to secure a banking license in Indonesia in 1968, Bangkok Bank has maintained a vision of leveraging Indonesia's economic potential. The acquisition of PT Bank Permata Tbk (Bank Permata) in 2020 was a strategic move to combine the capabilities of both banks.
This merger serves as a significant economic catalyst, strengthening ties between Thailand and Indonesia. Indonesia's involvement in the BRICS group this year further enhances its appeal to investors seeking to mitigate geopolitical risks and global economic uncertainties.
In the first half of 2024, Thai investments in Indonesia reached 225 million USD, with a cumulative investment of 1.52 billion USD from 2017-2022 across over 1,400 projects. Additionally, Thailand's exports to Indonesia were valued at 10.25 billion USD last year, while Indonesia exported goods worth 7.22 billion USD to Thailand, making it the fourth-largest destination for Indonesian exports.
Bangkok Bank has supported Permata Bank in establishing the International Business Development and Advisory Directorate. This unit serves customers within Bangkok Bank's network across ASEAN, China, Hong Kong, Taiwan, Japan, the United Kingdom, and the United States interested in investing in Indonesia. It also assists Indonesian clients looking to expand into other regional markets. The initiative is expected to boost international business potential, project financing, and the development of financial products aligned with ESG principles, as encouraged by the Indonesian government.
In 2024, Permata Bank reported a 38% increase in net profit compared to the previous year, positioning it among the top 10 banks in Indonesia by total assets. The bank operates 240 branches in 82 major cities nationwide, serving over 6.2 million customers.