Bank Tamara needs $87m

Bank Tamara needs $87m

JAKARTA (JP): Publicly-listed Bank Tamara needs some Rp 700 billion (US$87 million) to meet the government-mandated 4 percent capital adequacy ratio (CAR) level, an official of the bank said on Tuesday.

The official, who requested anonymity, said the China Development Corporation of Taiwan, which holds 10 percent of equity, has already pledged to contribute the remaining 20 percent of the additional funds by the March deadline.

The government has promised to finance the first 80 percent of the recapitalization program for banks that fall into category B, that is banks with CAR levels ranging from minus 25 to 4 percent.

The official declined to state where Bank Tamara's CAR level currently stands.

Its total assets stood at Rp 4.8 trillion as of the end of September.

Separately, Bank Tamara President Setijono Pudjowarsito announced that his bank is officially placed in category B, and is thus eligible to join the government recapitalization program.

Setijono also pointed out that Bank Tamara is one of 21 'sound' banks appointed by the government to implement its trade financing program for exporters and importers.

The statement follows a claim by Pilar magazine that Bank Tamara falls into Category C for banks with CAR levels below minus 25 percent. (02)