Bank Rajawali acquired

JAKARTA (JP): State-owned PT Pos Indonesia and two pension foundations acquired 25 percent of Bank Rajawali under an agreement signed here yesterday.

Informed banking sources said that under the agreement, the bank is now 10 percent owned by Pos Indonesia, 10 percent by Pos Indonesia's Pension Fund Foundation and 5 percent by the Pension Fund Foundation of the state-owned PT Telkom.

The bank's paid-in capital was increased to Rp 150 billion (US$54 million) from Rp 100 billion as a result of the entry of the new shareholders, the sources added.

They said Bank Rajawali's remaining 75 percent shares are owned by the Rajawali Group which is controlled by businessman Peter Sondakh.

The bank, expected to be relaunched with in October, is now waiting for approval from the Ministry of Justice for changes in its shareholding composition.

Minister of Tourism, Post and Telecommunications Joop Ave said recently the bank, to be called PT Bank Pos Nusantara, would concentrate on small and micro businesses.

Bank Rajawali had Rp 505.27 billion assets as of last December. (icn)