Indosuez Bank to raise capital<\/p>\n
JAKARTA (JP): Indosuez Indonesia Bank (IIB), an Indonesian-
\nFrench banking venture, will more than double its paid-up capital
\nfrom Rp 20 billion (US$9 million) at present to Rp 50 billion by
\nthe end of this year, an executive says.<\/p>\n
IIB's president, Patrice Meda, told The Jakarta Post this week
\nthat the bank, which was established last May through the
\nacquisition of a majority stake of the Mutual International Bank
\nby Banque Indosuez of France, has relocated, changed its
\nelectronic data processing system and restructured its
\norganization to prepare for full operation.<\/p>\n
After the stake acquisition, IIB is now 70 percent owned by
\nBanque Indosuez and 30 percent by PT Mutual Promotion
\nCorporation.<\/p>\n
Meda acknowledged that because IIB was busy with its
\nrestructuring program during 1994, the level of its business had
\nbeen low in that year.<\/p>\n
Last year the bank recorded an after-tax profit of Rp 1.67
\nbillion, while its total assets were Rp 216.17 billion (US$98
\nmillion) as of last December, he said.<\/p>\n
He said that the bank, which emphasizes its operations in
\ncommercial and private banking for large-scale clients as well as
\nmoney market products, expected steady expansion in the coming
\nyears, in line with the rapid growth of Indonesia's economy.<\/p>\n
According to the Central Bureau of Statistics, Indonesia's
\ngross domestic product grew by 7.34 percent in 1994.<\/p>\n
\"We will see the emergence of new Indonesian groups active in
\nmanufacturing and infrastructure, while the sharp increase in
\nforeign investments will boost the level of activity of
\nmultinational companies and joint ventures,\" Meda said. (riz)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indosuez-bank-to-raise-capital-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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