Bank Korea Commercial Surya starts operation
Bank Korea Commercial Surya starts operation
JAKARTA (JP): Bank Korea Commercial Surya (BKCS), which is 80
percent owned by the Commercial Bank of Korea and 20 percent by
the publicly-listed Bank Surya, started operations yesterday on
the 16th floor of the Jakarta Stock Exchange Building.
The Commercial Bank's chairman and president, Jee Tae Chung,
said the operation of BKCS, which has a paid-up capital of Rp 100
billion (US$43.6 million), will benefit the two countries
businesspeople.
"Korea is now Indonesia's fourth biggest business partner,"
Chung said after the opening ceremony of BKCS's Jakarta office.
He said that as of last year, about 430 Korean businesspeople
had established operations in Indonesia, with combined
investments of $5.5 billion.
The opening ceremony of the BKCS office was led by South
Korean Ambassador Min Hyung Ki, who was accompanied by Jee Tae
Chung and Bambang Sutrisno of Bank Surya.
Chung noted that the two-way trade between Indonesia and Korea
reached $5.3 billion last year.
"For sure, the bilateral trade and Korean investment in
Indonesia will continue to expand," Chung added.
The 96-year-old Commercial Bank of Korea, with total assets of
$45.4 billion, as of June, is the 172th largest bank in the
world.
The bank operates 322 offices in South Korea, seven branch
offices in New York, London, Tokyo, Osaka and Singapore, three
representative offices in New York, one in Frankfurt and one in
Hong Kong.
Bank Surya, which is controlled by tycoon Sudwikatmono, has
total assets of over Rp 1 trillion as of June, up 19.52 percent
from last year's total of Rp 861 billion.
The bank floated four million common shares, 16 percent of its
total shares, to the public through the Jakarta and Surabaya
stock exchanges in 1989.
Bank Surya, which currently operates 29 branch offices in
Indonesia and one on Cook Island, booked after-tax profits of Rp
7.04 billion last year and before-tax profit of Rp 9.85 billion
in the first semester of this year.
The management of the new Indonesian-Korean joint-venture bank
is led by Kim Young Dae, assisted by Lee Yuong Ho, B. Budijanto
Jahja and Choi Chang Young. (04)