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StanChart CEO says 'actively working' on Indonesian bank stake

Reuters  |  NUSA DUA, Indonesia 

By Sumeet Chatterjee

NUSA DUA, (Reuters) - Standard Chartered Plc is "actively working" on options for its stake in Indonesia's PT tbk, the British lender's said on Saturday.

StanChart and Indonesian conglomerate jointly control the bank, each owning 44.56 percent. There has been persistent speculation in the last few years that the ownership structure of could change.

"It is something we are actively working on ... finding a solution for Permata," Winters told on the sidelines of the annual meeting of the on the Indonesian resort island of

"But frankly the is doing well," he said. "The bank needed to be fixed up, it's now fixed up. Now we can talk about what we need to do."

StanChart reported a $215 million loss in 2016 from its stake in Permata, due to rising bad loans and restructuring costs. The lender's financial performance has improved since then, however.

Winters also said that StanChart, which makes the bulk of its revenue in Asia, is adding more people and investing more in bolstering the infrastructure of its wealth management business, which, he said, was the bank's fastest growing business.

StanChart counts the Asian wealth hubs of Hong Kong and as its biggest wealth management markets, and Winters said there were opportunities to increase its market share in China, and the rest of Southeast

The number of high net-worth individuals - or those with at least $1 million to invest - rose by 12 percent last year in Pacific, exceeding growth rates anywhere else in the world, according to

(Reporting by Sumeet Chatterjee; Editing by Clelia Oziel)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, October 13 2018. 17:50 IST
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