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)