Jakarta, Indonesia - After receiving official approval from Bank Indonesia, PT Bank Permata Tbk (PermataBank) has completed its acquisition of PT GE Finance Indonesia (GEFI). GEFI is the only non-bank credit card issuers in Indonesia, and has over 6 percent market share. This acquisition aims to increase the portfolio of PermataBank credit card business up to three-fold and increase its market share to 8 percent.
"This acquisition underscores the commitment of both our major shareholders, namely Astra International and Standard Chartered Bank. This is a good example where we take advantage of emerging opportunities for growth in our core business," said Director PermataBank David Fletcher, in a press release today, Wednesday (December 8, 2010).
The acquisition was first announced in June 2010 through the signing of the Share Sale Agreement between PermataBank and GEFI. According to David, GEFI have a good reputation with a proven track record in credit risk management and financing. By increasing both these capabilities, and to optimize the role of human resources professionals of GEFI, the Bank will strengthen the existing platform and take advantage of growth opportunities into the future.
"The addition of the credit card market share and joint financing of motor vehicles from GEFI gives us access to more than 1 million new customers in the business of credit cards and vehicle financing," said David. The addition of market share, combined with bank customers PermataBank, makes this acquisition a great opportunity to do cross selling to a variety of services and provide value-added.
After the acquisition, the Bank will integrate the GEFI and PermataBank credit card portfolio under the management of the Bank. The process is expected to be completed within a period of 9 to 12 months. During that time, GEFI will continue to operate as a stand-alone company.
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