Five private banks to merge<\/p>\n
JAKARTA (JP): Five private banks are to be merged as soon as
\ngovernment and shareholder permission has been obtained, the
\npresident director of PT Bank Internasional Indonesia (BII)
\nannounced last night.<\/p>\n
In a press release sent to The Jakarta Post, Indra Widjaja
\nsaid BII and PT Bank Dagang Nasional Indonesia signed a
\nmemorandum of understanding Saturday to combine their operations
\ninto one entity. The release was signed by Indra Widjaja.<\/p>\n
They will be joined by PT Bank Tiara Asia, PT Bank Sahid Gajah
\nPerkasa and PT Bank Dewa Rutji. The new bank, which will retain
\nthe name Bank Internasional Indonesia will have total assets of
\nRp 50 trillion (US$5.8 billion) and total equity of Rp 5
\ntrillion.<\/p>\n
Indra said: "The merger was undertaken in compliance with the
\ngovernment's guidelines to accelerate reforms in the banking
\nsector in order to cope with the increasing globalization of
\nfinancial services."<\/p>\n
His statement added the merger would establish a more
\ncompetitive bank with larger assets, a stronger capital base and
\nimproved liquidity. The new bank would also achieve higher income
\ngrowth through synergy and improved cost efficiency.<\/p>\n
BII officials could not be reached last night for further
\ndetails.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/five-private-banks-to-merge-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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