IBRA draws up 10 financial groups as servicing agent<\/p>\n
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA)
\nhas shortlisted 10 groups of financial institutions as the
\nservicing agent to help in restructuring Rp 5.42 trillion
\n(US$634.66 million) in bank nonperforming loans (NPLs).<\/p>\n
Agency deputy chairman Irwan Siregar said the 10 groups
\nincluded Bank Central Asia, Bank BNI and Deloitte Touche
\nTohmatsu, Cerberus, Bank NISP, PDFCI Securities and First City,
\nDeutsche Bank and Bank Mandiri, GE Capital and Goldman Sachs,
\nBank Lippo, Bank Niaga, Bank Panin and ANZ, Sakura Merchant Bank,
\nand Bank Universal, Niaga Securities and Amir Abadi Jusuf.<\/p>\n
Irwan said in a statement that consulting firm Arthur Andersen
\nwould assist the agency in selecting the servicing agent.<\/p>\n
He said it was part of the agency's second round of its
\noutsourcing program.<\/p>\n
\"The selection process of a servicing agent for tranche two of
\nthe outsourcing program will be conducted through an open tender
\nprocess.\" He said equal and fair opportunities would be provided
\nto the nominees to conduct due diligence on the commercial loan
\ndata held by the agency.<\/p>\n
IBRA has been determined to source out the restructuring of
\nNPLs of between Rp 5 billion and 50 billion.<\/p>\n
It received more than Rp 200 trillion worth of NPLs from
\ndomestic banks as part of the country's bank restructuring
\nprogram.<\/p>\n
The agency is mandated to recover the loans in a bid to help
\nfinance the costly bank restructuring program.<\/p>\n
Irwan said the Rp 5.42 trillion NPLs comprised 1,209 accounts
\nof some 491 obligors or 505 debtors. An obligor is a group of
\ndebtors owned by a single business party or business group.<\/p>\n
He said the second round of the outsourcing program was
\nexpected to amount to about Rp 8 trillion because the commercial
\nloan portfolio in IBRA was currently in process.<\/p>\n
\"The outsourcing program is conducted because it involves a
\nlarge number of debtors but in terms of value it is not very
\nsignificant,\" Irwan said.<\/p>\n
\"The outsourcing program represents an effort by IBRA to
\naccelerate the recovery of commercial loans.\"<\/p>\n
He added the program would be carried out in three stages for
\nthe fiscal year 2000\/2001.(rei)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ibra-draws-up-10-financial-groups-as-servicing-agent-1447893297",
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