Danamon acquires Bank Delta

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)