Bank Mandiri has new boss

JAKARTA (JP): Finance minister Bambang Sudibyo has appointed ECW Neloe, a former director of the state Bank Dagang Negara (BDN) as the new president of state Bank Mandiri.

Neloe, who is currently president of petrochemical giant PT Chadra Asri, replaced Robby Djohan, who was appointed as the bank's first president in November, 1998.

Bank Mandiri, which was established in late 1998 as the result of a merger of the four state banks -- Bank Dagang Negara, Bank Bumi Daya, Bank Exim and Bank Pembangunan Indonesia -- started its operation early last year.

Bank Mandiri said on Monday it booked a consolidated net profit of Rp 461.18 billion in the first quarter of the year after the government completed the recapitalization of the bank.

The bank booked a net loss of Rp 26.99 trillion between Aug. 1 and Dec. 31, 1999.