CIC merges with smaller rivals

CIC merges with smaller rivals

JAKARTA: PT Bank CIC International, a mid- sized Indonesian lender, combined with two smaller rivals to form a new entity named PT Bank Century.

"Indonesia's central bank and the Ministry of Justice approved the merger plan," Denny Suryo, a corporate secretary at Bank Century, said in a telephone interview in Jakarta today.

The merger with PT Bank Danpac and PT Bank Pikko, which was approved on Dec. 14, created a bank with Rp 8.11 trillion (US$878 million) of assets and Rp 6.19 trillion of deposits, Bisnis Indonesia reported yesterday. Rizal A. Djaafara, a central bank spokesman, confirmed approval had been granted for the formation of the new entity. -- Bloomberg