Bidders for Lippo "not credible": IBRA<\/p>\n
JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) said
\nit isn't likely to go ahead with its plan to sell a 52 percent
\nstake in PT Bank Lippo as the three consortia bidding for the
\nbank's stake are "not credible," with none of them led by a large
\ncommercial bank.<\/p>\n
IBRA Chairman Syafruddin Temenggung said late Tuesday that the
\nagency has asked each consortium to include a new large and
\ncredible commercial bank to lead the bidding.<\/p>\n
Syafruddin said IBRA will give the consortia until Oct. 23 to
\ndo so. "Otherwise we won't insist on selling (the stake)," he
\nsaid. "Each consortium only consists of small banks. We want a
\ncredible partner that can develop Bank Lippo."<\/p>\n
IBRA had planned to name the winning bidder early next month.<\/p>\n
The agency last month received preliminary non-binding bids
\nfrom three consortia for the Bank Lippo stake.<\/p>\n
The first consortium is Eurocapital Asia Ltd., which includes
\nthe Philippines' Export and Industry Bank, among others. The
\nsecond, Summit Investment Ltd., includes Asia Financial Holdings
\nLtd. and Platinum Investments Holdings Ltd. The third is
\nSwissasia Global, which includes Swissfirst Bank AG and VP
\nVentures Ltd. -- Dow Jones<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bidders-for-lippo-not-credible-ibra-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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