Finance firm gets loan

JAKARTA (JP): PT Putra Surya Multifinance (PSM) of the PSP Group yesterday signed an agreement on a syndicated loan worth US$28 million in Nusa Dua, Bali.

The company said in a statement here that American Express Bank lead-managed the loan syndication.

The syndication is supported by eleven foreign-based banks: AB Finance Ltd., American Express Bank, Boram Bank, the Commercial Bank of Korea Ltd., the Royal Bank of Scotland Plc., Daedong Bank Ltd., Indover Bank, Tat Lee Bank Ltd., Hanil Leasing & Finance (HK) Ltd., KEB Leasing & Finance Ltd., and the Shanghai Commercial & Savings Bank Ltd.

Putra Surya's president, Lie Woen Sen, said that the loan would be used to finance the expansion of the company's consumer financing division.

Lie said that Putra Surya, which now has 200 branches in Java, focuses its services on consumer financing, although it also provides leasing and factoring services. (alo)