HK transfers banking license to Bank Mandiri<\/p>\n
HONG KONG (AFP): The Hong Kong Monetary Authority (HKMA) said
\nMonday that it had transferred the restricted banking license of
\nPT Bank Pembangunan Indonesia to PT Bank Mandiri, a new super-
\nbank.<\/p>\n
Last week Mandiri was formed out of the merger of four
\nIndonesian state banks: Bank Bumi Daya, Bank Dagang Negara, Bank
\nEkspor Impor Indonesia and Bank Pembangunan Indonesia.<\/p>\n
A spokesman for the HKMA, Hong Kong's de facto central bank,
\nsaid the grant of transfer took effect on Saturday following the
\ncreation of Bank Mandiri, which on Monday opened for business in
\nJakarta.<\/p>\n
The four failed banks were collectively known as the \"Legacy
\nBanks,\" and the spokesman said the transfer would enable Mandiri
\nto continue their restricted banking activities in Hong Kong.<\/p>\n
Previously, the business of the Legacy Banks was conducted
\nthrough the Hong Kong branch of Bank Pembangunan Indonesia and
\ntwo deposit-taking companies, Staco International Finance Ltd.
\nand Bumi Daya International Ltd.<\/p>\n
As a restricted-license bank, the Hong Kong branch of the
\nstate-owned Bank Mandiri will focus on trade financing and
\ncorporate lending, which were the Legacy Banks' core business
\nactivities in Hong Kong.<\/p>\n
The new bank is the result of more than nine months of
\nintensive restructuring and reorganization of key operating
\ndivisions.<\/p>\n
Mandiri said in a statement that it would continue a
\nrestructuring drive at the Legacy Banks' network across
\nIndonesia, aiming to cut their total number of branches from 700
\nto 529 Mandiri outlets.<\/p>\n
The Indonesian government has agreed to recapitalize Bank
\nMandiri through staged bond issues worth up to Rp 137.8 trillion
\n(about US$20.4 billion).<\/p>\n
Mandiri president Robby Djohan last Thursday told a news
\nconference he expected strong growth for the new bank's
\nproductive assets.<\/p>\n
\"We believe we will probably this year ... grow by about 10 to
\n12 percent,\" Djohan said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hk-transfers-banking-license-to-bank-mandiri-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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