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)