Daiwa Bank to slash RI stake<\/p>\n
TOKYO (AFP): Japan's Daiwa Bank Ltd. said Wednesday it would
\nreduce its stake in an Indonesian bank under its control to below
\n50 percent as it prepares to withdraw from overseas operations.<\/p>\n
Daiwa is negotiating with other shareholders of PT Bank Daiwa
\nPerdania to cut its stake in the bank from 84.95 percent now to
\n47.28 percent, said a spokesman who declined to be named.<\/p>\n
\"As the deadline to complete our planned withdrawal from
\noverseas operations is the end of March, we are trying to cut
\ninvestment in overseas units to below 50 percent by then,\" the
\nDaiwa official said.<\/p>\n
Daiwa's stake in Bank Daiwa Perdania will go down partly
\nthrough a share sale but also as the subsidiary issues new shares
\nand raises its capital from Rp 125 billion (US$16.8 million) to
\nRp 200 billion, he said.<\/p>\n
Daiwa's shares will be sold to Indonesia's Bank NISP, which
\nwill eventually hold a 20.1 percent stake in Bank Daiwa Perdania.
\nAn unnamed new partner taking part in talks will own another 29.5
\npercent, the official said.<\/p>\n
Bank Daiwa Perdania, set up in 1958, is the largest foreign-
\nowned bank in Indonesia.<\/p>",
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