DongNam joins Clemont

DongNam joins Clemont

JAKARTA (JP): DongNam Bank of South Korea plans to acquire a 50 percent stake at PT Clemont Finance Indonesia Corp., a multi- finance firm affiliated to the Korindo Group of Indonesia.

After the entrance of DongNam Bank, the multi-finance firm will be renamed into PT DongNam Clemont Finance Indonesia, with DongNam taking a stake of 50 percent, PT Clemont Financing Co. Ltd. 35 percent and PT Tecwin Jaya Development 15 percent.

The multi-finance company said in a statement yesterday that the venture agreement was singed in Seoul last week. It said the activities of the new venture will remain in leasing, factoring and consumer financing. (rid)