Bank Universal upgrades its computer system<\/p>\n
JAKARTA (JP): Bank Universal purchased a US$2 million computer
\nsystem from PT USI, the local partner of United States-based IBM,
\nto improve its customer service, a senior executive at the bank
\nsaid.<\/p>\n
Universal's vice president, Terry Ng, said on Tuesday Bank
\nUniversal's transactions had doubled in volume over the last two
\nyears to $1.8 million.<\/p>\n
\"The new system will accommodate this increased work load.\"<\/p>\n
Terry also said Bank Universal's third-party deposits
\nincreased by 61 percent to Rp 7.6 trillion (about $863 million)
\nin 1998.<\/p>\n
Bank Universal is one of nine private domestic banks scheduled
\nto be recapitalized under the government's recapitalization
\nprogram. Under the program, the banks' owners are required to
\nprovide 20 percent of the recapitalization funding, while the
\nremaining 80 percent is provided by the government.<\/p>\n
Bank president Stephen Z. Satyahadi said Bank Universal would
\nreceive at least Rp 500 billion in funds from its major
\nshareholder, PT Astra International, to enable it to join the
\nrecapitalization program.<\/p>\n
Stephen said the bank would need some Rp 2.4 trillion to boost
\nits capital adequacy ratio (CAR) to the government-required 4
\npercent.<\/p>\n
\"The money needed for the recapitalization of Bank Universal
\nis relatively little for parent company PT Astra International.
\nIn fact, PT Astra International has rescheduled part of its debt
\nfor an additional one to three years,\" Stephen said when asked if
\nthe automotive giant could meet its commitment to inject fresh
\nequity into the bank given its debt problem.<\/p>\n
Terry said the government's final decision on the amount of
\nfunds Bank Universal needed for recapitalization would be
\ndisclosed on April 15<\/p>\n
\"We are now being audited again by foreign auditors who are
\nbasing their audit on the revised terms and conditions issued by
\nthe government last Wednesday.\"<\/p>\n
Terry said the result of the current audit would determine the
\ncost of recapitalizing Bank Universal.<\/p>\n
Terry said by April 21 the nine banks scheduled for
\nrecapitalization, including Bank Universal, would sign a
\nrecapitalization agreement.<\/p>\n
After signing the agreement, Bank Universal will have a rights
\nissue in May, according to Terry.<\/p>\n
PT Astra International controls a 83.74 percent stake in Bank
\nUniversal. PT Prahabima holds a 3.69 percent stake in the bank
\nand the public owns the remaining 12.57 percent. (02)<\/p>",
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