SMFG, OCBC competing to acquire majority stake in Indonesia's Bank Permata

Sumitomo Mitsui Financial Group (SMFG) and Singapore lender OCBC Group Holdings are vying to buy Indonesia’s PT Bank Permata and are working on respective offers, sources familiar with the matter said on Thursday. Japanese and other Asian banks are increasingly targeting a presence in Indonesia in the hope of tapping an emerging middle class in the country with a population of 260 million people.