Bank Lippo appoints foreigner president
Bank Lippo appoints foreigner president
JAKARTA (JP): Publicly listed Bank Lippo announced on
Wednesday it had appointed ING Barings Indonesia country manager
Ian B. Clyne president and CEO, the first time a foreigner has
lead a domestic bank.
The 44-year-old Clyne is an Australian national who has worked
for ING Barings, Banque Indosuez and National Australia Banking
over the past 20 years.
"Mr. Clyne will officially start his new role full time
immediately after Bank Indonesia's approval is given," Lippo said
in a statement.
Former Bank Lippo president Eddy Sindoro will be appointed
deputy president and chief operating officer, Lippo said.
Lippo also said it had named Malaysian Daniel Goon one of the
bank's managing directors.
The statement also said the bank had signed a three-year
assistance agreement with ING Barings, under which the
Netherlands-based investment bank would provide a team of
experienced bankers to advise Lippo's management.
"ING Barings will draw upon the full worldwide resources of
the ING Group in providing expertise to Lippo in all of its
business areas," the statement said.
ING will not take a stake in Bank Lippo and the ING team will
receive remuneration and performance-related incentives,
according to the statement.
In a bid to establish good corporate governance and enhance
its international practices, Lippo also appointed four new
members to its board of commissioners, pending approval from the
central bank.
The four are former Australian ambassador to Indonesia Richard
Woolcott; a senior partner at Deacons Graham & James Australia,
Brian Davidson; a senior executive at ING Barings Global, Jan
Cherim; and the chief commissioner of Bank Niaga, Nasrudin
Sumintapura.
The board of commissioners will continue to be chaired by Bank
Lippo founder Mochtar Riady.
Lippo is one of seven private banks which was recapitalized
through the government-sponsored recapitalization program.
The bank said its total assets after recapitalization would
consist of over 58 percent in cash or equivalent, a loan to
deposit ratio of 44 percent and a liquidity ratio of over 55
percent.(rei)