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.