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)