Dharmala seeks new partners

JAKARTA (JP): Bank Dharmala is seeking foreign investors to help fund its recapitalization program, the bank said on Thursday.

"The bank has appointed Hong Kong Shanghai Bank Corporation as its financial advisor whose task is to negotiate with prospective investors," Dharmala president Suhanda Wiraatmadja said in a statement.

Banks with a CAR level between 4 percent and minus 25 percent are eligible for the government's recapitalization program.

CAR is the ratio between equity and risk-weighted assets.

In the recapitalization program, the bank's owners are required to make available 20 percent of the recapitalization funds needed. The government will cover the remainder through bond issuance. (02)