Bank Servitia raises loans worth $11 million

JAKARTA (JP): Bank Umum Servitia, a foreign exchange bank established in 1967, signed an agreement yesterday on the issuance of its floating rate notes worth US$11 million.

After signing the agreement, president of the bank, David Nusa Wijaya, said that all funds raised from the note issuance will be used to finance its export portfolio.

"We focus our loans to export-oriented medium-scale businesses," David said.

A bank director, Tarunodjojo Nusa, said the floating notes carry an annual interest rate of two percent above the London Inter-Bank Offered Rate.

The notes were arranged by Citimas and purchased by N.V. De Indonesische Overzeese Bank, West Merchant Bank Limited, Bumi Daya International Finance H.K. and Bank Niaga, he said.

He said that Bank Umum Servitia, which has 38 branch and sub- branch offices in the country, recorded, as of last December, total assets of Rp 597.87 billion (US$263 million), up from Rp 428.77 billion as of December 1993.

The bank's before-tax profit increased to Rp 8.24 billion last year from Rp 6.11 billion in 1993. (31)