Bank Universal puts up capital

Bank Universal puts up capital

JAKARTA (JP): Bank Universal announced on Wednesday that its
majority shareholders, PT Astra International, has transferred Rp
477 billion (US$54.8 million) to the escrow account for the
government-sponsored bank recapitalization program.

Universal's president Stephen Z.Satyahadi said the transfer
represented 20 percent of the total fund needed by the bank to
achieve the minimum capital adequacy ratio of 4 percent, as
required by Bank Indonesia.

Publicly-listed Bank Universal was one of the nine private
banks which signed recapitalization agreements with the finance
ministry and Bank Indonesia (central bank) last Thursday. Under
the agreements, the government pledges to put up 80 percent of
the recapitalization requirement of the banks.