Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Bali Bank Deal Solid

JAKARTA, Indonesia -- Indonesia gave a cautious thumbs up Wednesday to contracts that could pave the way for Standard Chartered PLC to take over PT Bank Bali Tbk, one of the country's biggest commercial banks.

After a review of the agreements, seen as a litmus test of efforts to revive Indonesia's ruined banking industry, the powerful state agency involved said it wanted Stanchart to stay, but would seek to change some of the terms.

The agreements earlier this year handed British-based Stanchart management control of scandal-hit Bank Bali, with a deal to acquire an initial stake of 20 percent and an option to take up to 100 percent.