Bank NISP to go public

JAKARTA (JP): The Bandung-based Bank NISP, one of the oldest banks in the country, plans to offer 12.5 million new shares, which will account for 20 percent of its total common stocks, to the public to generate funds to finance its expansion programs.

A bank report made available here yesterday said that a Japanese-Indonesian securities company, Nomura Indonesia, will act as lead underwriter of the bank's share issuance.

The new shares will be listed on the Jakarta Stock Exchange (JSX), it said.

The report did not elaborate on the bank's expansion programs to be financed with the proceedings generated from the share offering.

The bank, which started operation in 1941, currently operates 32 branches throughout the country with concentration in West Java. (fhp)