Danamon acquires Bank Delta

JAKARTA (JP): The shareholders of publicly-listed PT Bank Danamon agreed yesterday to the company's proposal to acquire the remaining 85.45 percent of Bank Delta's shares which were owned by PT Danamon International.

The company said in a statement that since the acquisition contained conflicts of interest -- involving companies in the same group -- it required the endorsement from at least 50 percent of its independent shareholders.

Bank Danamon's extraordinary shareholders meeting at the Regent Hotel yesterday unanimously approved the acquisition, thereby making the bank a fully-owned subsidiary of Bank Danamon.

"This acquisition is expected to create a synergy between Bank Danamon and Bank Delta," said Nienie Admajaya, the president of Bank Danamon.

The extraordinary shareholders meeting also endorsed the company's plans to increase its paid-up capital to Rp 2.2 trillion (US$965 million) from Rp 1 trillion.

During the first half of this year, Bank Danamon posted before-tax profits of Rp 83.8 billion, up from Rp 82.5 billion during the same period of last year, and registered total assets of Rp 11.7 trillion as of June. (rid)