Cooperative bank overhauls management

JAKARTA (JP): Bank Bukopin, the country's only cooperative bank, yesterday overhauled its management after its president resigned.

In a meeting here, the bank's shareholder promoted Indra Kesuma, the bank's former credit director, as its new president, replacing Muchtar Mandala, who was appointed as new president of the publicly-listed Bank Duta.

The meeting also appointed Ustam Dinata to take Indra's former position of credit director, while Nasrah Mawardi was assigned to lead the bank's operations division.

Timber tycoon Mohamad (Bob) Hasan, who is also chief commissioner of Bank Duta and Bank Umum Nasional, was reelected as Bank Bukopin's chief commissioner.

Bank Bukopin reported a net profit of Rp 5.01 billion (US$2.25 million) last year, up by 132 percent from Rp 2.15 billion in 1993. During the first six months of this year, the bank recorded a before-tax profit of Rp 11.35 billion.

The bank's total assets increased by 50.8 percent to Rp 1.7 trillion as of last December from Rp 1.15 trillion as of the end of 1993. As of June 28, the bank's total assets reached Rp 1.9 trillion.

Bukopin, which emphasizes on credits for small and medium enterprises as well as cooperatives, is 31.86 percent owned by the Bulog Foundation, 28.13 percent by Gerakan Koperasi, 24.66 percent by the government and the rest by a number of individuals. (rid)