ANZ Panin Bank buys BPS' credit card business

ANZ Panin Bank buys BPS' credit card business

JAKARTA (JP): ANZ Panin Bank has agreed to buy the credit card
receivables and operations of closed down Bank Papan Sejahtera
from the International Bank Restructuring Agency.

The purchase was announced on Monday by deputy chairman of the
Indonesian Bank Restructuring Agency Eko S. Budianto.

The joint venture, which is jointly owned by Panin Bank and
Australia New Zealand (ANZ) Bank, paid some A$7 million for the
Rp 39.3 billion card business, Eko said at a news briefing.

Also attending the news conference was Denzil Lawson (left),
general manager for international cards of ANZ Bank, and Scott
Armstrong, president of ANZ Panin Bank.

Bank Papan's credit card business uses technology "consistent
with ANZ's card operating platform in Australia", the ANZ said.
It has more than 47,000 card accounts.

Bank Papan was one of several banks closed by the government
in March. The acquisition follows a tender process conducted by
the Indonesian Bank Restructuring Agency. (rei)