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)