Bank Duta management undergoes major change<\/p>\n
JAKARTA (JP): The management of publicly-listed Bank Duta
\nunderwent a major change yesterday following rumors that the bank
\nwould merge with Bank Bukopin, the country's only cooperative
\nbank.<\/p>\n
Timber tycoon Mohamad (Bob) Hasan and Bank Bukopin's Muchtar
\nMandala were appointed as Bank Duta's new chief commissioner and
\nnew president respectively at yesterday's meeting of the bank's
\nshareholders.<\/p>\n
Hasan dismissed rumors that he had injected fresh funds into
\nBank Duta. "This bank has a solid financial structure and does
\nnot, therefore, need any injection of funds."<\/p>\n
Informed sources indicated earlier that Hasan had injected
\nfresh funds into Bank Duta through the Dharmais Foundation, which
\nhelped save the bank from the brink of collapse in 1990, after
\nthe bank suffered losses totaling US$420 million in margin
\ntrading.<\/p>\n
Bank Duta, which floated shares on stock markets in June 1990,
\nis 26.4 percent owned by Ali Afandi, 26.4 by Hedijanto, 26.4
\npercent by Zahid Husein, six percent by Mitra Duta Cooperative
\nand 14.7 percent by public shareholders.<\/p>\n
Hasan rejected the assumption that he had been elected as Bank
\nDuta's chief commissioner because he held a stake in the bank. "I
\ndon't have any share in this bank. If I bought shares, it would
\nbe insider trading."<\/p>\n
Hasan is also chief commissioner of Bank Bukopin and Bank Umum
\nNational.<\/p>\n
The shareholders' meeting yesterday reappointed four former
\ncommissioners of Bank Duta: Mung Parhadimulyo, Arjodarmoko, Zahid
\nHusein and Hedijanto.<\/p>\n
Muchtar Mandala, president of Bank Bukopin, also dismissed
\nrumors yesterday that, under the new management, Bank Duta would
\nbe merged with Bank Bukopin.<\/p>\n
"It's not true and will never come true because each bank has
\nits own mission," Muchtar said, adding that the two banks might
\ncooperate in the form of a joint operation.<\/p>\n
Management<\/p>\n
Asked why the shareholders' meeting had reshaped the bank's
\nmanagement, Muchtar said flatly: "It's the prerogative right of
\nthe shareholders. If I were the owner of the bank, I might have
\nchanged its management as I wished."<\/p>\n
Yesterday's meeting endorsed the appointment of a new board of
\ndirectors for Bank Duta, including Maharany Reza Musrizal Maszdi,
\nMarwan Cut Hasan, Zainul Arifin and Darman Rahman.<\/p>\n
B.S. Salamoen, Bank Duta's former president, said he had done
\nhis best for the bank. "It's just the right time to transfer Bank
\nDuta to new management because the bank is in good condition," he
\nsaid.<\/p>\n
Salamoen, who had led Bank Duta since October 1990, noted that
\nhe had worked hard to regain people's trust in the bank following
\nits losses in margin trading.<\/p>\n
"I intentionally ran the bank in a conservative way," Salamoen
\nsaid, in reference to the claim of his critics that he had been
\ntoo conservative.<\/p>\n
He said the bank's total assets were Rp 2.47 trillion (US$1.1
\nbillion) as of last year, almost the same as their 1990 level of
\nRp 2.4 trillion.<\/p>\n
The bank's net profit increased by 8.6 percent to Rp 29
\nbillion last year, from Rp 26.7 billion in 1993. This year, the
\nbank's net profit is projected to increase further to Rp 31.3
\nbillion.<\/p>\n
Credit extended by the bank was Rp 1.54 trillion last year, as
\ncompared with Rp 1.55 trillion in 1990.<\/p>\n
Yesterday's meeting decided to distribute 64.4 percent of the
\nbank's total net profits, Rp 18.7 billion or Rp 100 per share, in
\ncash dividends. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bank-duta-management-undergoes-major-change-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}