Gema takes over Bank Intan

Gema takes over Bank Intan

JAKARTA (JP): Gema Gadung Anugrah and Gema Anugrah Cipta
Mandiri have acquired middle-sized Bank Intan, according to
reports yesterday.

Fadel Muhammad, a Gema group executive, said Thursday his
companies had injected Rp 50 billion (US$21.1 million) into the
bank.

Fadel, the bank's new chief commissioner, told Antara that
Bank Intan's acquisition took place eight months ago but official
approval was only obtained from the Ministry of Finance in mid-
June this year.

He said the bank, which has a substantially different logo and
management since the takeover, was committed to raising its
lending portfolio to small and medium-size companies.

Fadel said Bank Intan planned to finance more infrastructure,
food production and tourism projects, and business projects in
eastern provinces.

Bank Intan, which has 16 branches throughout the country,
plans to move its Java branches eastward to Bali, Ujungpandang
and Manado, next year. (01)