BDNI buys bank stake

JAKARTA (JP): PT Bank Dagang Nasional Indonesia (BDNI), a subsidiary of the Gadjah Tunggal Group, has acquired a 40 percent stake in Bank Dewa Rutji for Rp 75 billion (US$34 million).

BDNI President Sjamsul Nursalim said on Friday that the fresh injection of funds, made in May, was followed by the appointment of several BDNI executives to the board of directors and the board of commissioners of Bank Dewa Rutji.

"But we are changing the bank's target market of retail banking," he said.

The pension fund of state-owned Bank Pembangunan Indonesia (Bapindo) was formerly the majority shareholder in Bank Dewa Rutji.(04)