Boram-Risjad finance firm

JAKARTA (JP): PT Bank Risjad Salim Internasional and Boram Bank of Korea established yesterday PT Boram Risjad Finance, a joint-venture, multi-finance company.

Boram Risjad was established with an authorized capital of Rp 30 billion (US$13,157), of which Rp 15 billion was paid up.

Boram Bank, which has a 70 percent stake in Boram Risjad, is one of Korea's major banks with total assets of US$18.5 billion as of June. Its major shareholders include the Doosan Group, the Kolon Group and the LG Group of Korea.

PT Bank Risjad Salim Internasional, which has a 30 percent stake in the new company, is owned by Indonesian businessman Ibrahim Risjad of the Risjadson Group.

Boram Risjad will be led by President Director Byung Ki Lee from Boram Bank and Deputy President Director Sugito Lie from Risjad Salim Internasional. (pwn)