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)