Barclays arm to link with Niaga Securities<\/p>\n
JAKARTA (JP): BZW, an investment banking arm of Barclays Bank
\nPlc. of Britain, will acquire a stake in Niaga Securities, a
\nsubsidiary of Bank Niaga, under an agreement to be signed here on
\nTuesday.<\/p>\n
Niaga Securities said in a statement yesterday that after the
\nacquisition, the company will become a joint venture, with 60
\npercent of its shares held by BZW and 40 percent by Bank Niaga.<\/p>\n
"Subject to approval from the regulatory authorities, the
\njoint venture will be called PT BZW Niaga Securities," the
\nstatement said.<\/p>\n
It said that the agreement, which will be signed by the group
\nchairman of Barclays Bank, Andrew Buxton, will transform the role
\nof BZW in Indonesia from providing technical assistance to Niaga
\nSecurities to being a fully fledged joint venture partner.<\/p>\n
BZW, through Niaga Securities and offshore financing units,
\nhas raised over US$4.5 billion for Indonesian clients in
\ninternational debt and equity markets since 1991.<\/p>\n
Its services and products cover all aspects of equity, debt,
\nderivatives and corporate finance. But it has a particularly
\nstrong track record in privatization, one example being the
\nbank's role as global coordinator for the this years' share
\nissuance worth $210 million of the state-owned PT Tambang Timah.<\/p>\n
With the imminent completion of its acquisition of Wells
\nFargo\/Nikko fund management business, BZW is also set to become
\nthe second largest fund manager worldwide with $270 billion under
\nits management.<\/p>\n
Employing 7,400 people worldwide, it generates annual profits
\nover 200 million pounds ($300 million) from 3,500 offices in 75
\ncountries. In the Asia-Pacific alone, it has more than 1,600
\nemployees in 16 cities.<\/p>\n
Its holding company, Barclays Bank, is the largest commercial
\nbank in Britain with $16 billion in capital resources.<\/p>\n
Its partner, Bank Niaga, with an asset of nearly Rp 5 trillion
\n($2.18 billion) as of December 1994, is the 14th largest bank in
\nIndonesia. (13)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/barclays-arm-to-link-with-niaga-securities-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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