Banque Indosuez acquires 70 percent stake in MIB

Banque Indosuez acquires 70 percent stake in MIB

JAKARTA (JP): Banque Indosuez of France has acquired 70
percent of PT Mutual International Bank (MIB), with the remaining
30 percent being held by PT Mutual Promotion Corporation.

MIB announced yesterday that this acquisition, effective on
Wednesday, will compliment Banque Indosuez's other established
operations in Indonesia, which include W.I. Carr Indonesia, a
leading securities company on the Jakarta Stock Exchange, BLS
Leasing and a representative office in Jakarta.

MIB was established in 1973 as a non-banking financial
institution and became a joint-venture bank last year. The
partners originally comprised PT Mutual Promotion Corporation of
the Pakarti Yoga Group, Fuji Bank of Japan, Fuji Bank Switzerland
and Panin Bank.

The new President Director of MIB -- proposed to be renamed PT
Indosuez Indonesia Bank -- will be Patricia Meda, former Deputy
General Manager of Banque Indosuez at its Hong Kong branch.

Oding Dharmawan from MIB was quoted by the AFP news agency as
saying that Banque Indosuez has acquired MIB for US$17 million.

Dharmawan said that Mutual Promotion Corporation formerly held
52.5 percent of MIB shares, Fuji Bank of Japan 23.7 percent, Fuji
Bank of Switzerland 16.9 percent and Panin Bank the remaining 6.9
percent.

He said MIB's audited net profit was Rp 1.64 billion in 1992
and Rp 1.67 billion last year. Total assets reached Rp 206
billion as of December 1992, but decreased to Rp 185.4 billion as
of December last year.(10)