Artha acquires local bank

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)