Hashim quits post at Bank Papan Sejahtera

Hashim quits post at Bank Papan Sejahtera

JAKARTA (JP): Shareholders of the publicly-listed Bank Papan
Sejahtera (BPS) approved a major reshuffle of senior bank
personnel on Tuesday which includes the resignation of Hashim
Djojohadikusumo as chief commissioner.

Former Bank Indonesia senior official Susanna E. Pallaupessy
was appointed as the bank's new chief commissioner, while Armand
B. Arief becomes the bank's new president, replacing J.R.M.
Winarendra.

Hashim said the reshuffle was needed to support the bank's
restructuring and recapitalization plans and to refocus its
business on the secondary mortgage market.

Hashim explained that he was unable to remain with the bank
because President Habibie had assigned him to lead a mission to
attract European investors to the crisis-hit country.

"Half of my time will be spent overseas, so I have to hand
over the position of chief commissioner to someone else because
the restructuring and recapitalization efforts will need a full
time person to negotiate and talk with investors and the
authorities," he told the press following the meeting.

The government has said banks in the country must have a
minimum capital adequacy ratio (CAR) of 4 percent by the end of
this year.

Bank Indonesia officials have said that most of the country's
private banks have ratios of less than the 4 percent minimum.

The government has promised to provide up to 80 percent of the
funds needed for the recapitalization.

Hashim was not willing to disclose Bank Papan Sejahtera's
capital adequacy ratio, but said the bank was seeking new
investors to finance recapitalization.

"There are two potential investors, one from the U.S. and one
from Hong Kong," said Hashim, who currently holds a 39 percent
stake in the bank.

Shareholders also agreed to the resignation of Al Njoo from
the board of commissioners. He will now concentrate on developing
the financial structure of the Tirtamas Group, the bank's parent
company. (rei)