Artha acquires local bank

JAKARTA (JP): Artha Graha Group has acquired a majority share in Bank Arta Prima (BAP), Bisnis Indonesia daily reported yesterday.

A banking source told the paper that the bank had underwritten commercial papers for two companies bearing the initials PT TGA and PT AF, which had defaulted. With the proceeds from the business group, owned by noted businessman Tommy Winata, the bank will be able to meet its obligations.

The paper, however, did not explain the amount of Artha Graha Group's stake in the bank before and after the acquisition.

The group's acquisition in the bank received approval from Bank Indonesia, the central bank said. (ads)