HK bank eyes stake in RI bank

HK bank eyes stake in RI bank

HONG KONG: Hong Kong's mid-sized Bank of East Asia Ltd. has applied to increase its stake in Indonesia's PT Bank Daiwa Perdania, as part of its expansion plans, a spokeswoman said Monday.

The Bank of East Asia spokeswoman said the bank plans to raise its stake to 30 percent from 24.5 percent, although it is still awaiting the go-ahead from the regulator, Bank Indonesia.

She also said the bank, which already has one branch in Taipei, has received permission to open a second branch in Taiwan's southern city of Kaohsiung.

The spokeswoman said the bank is still finalizing plans for the second Taiwan branch, and that an announcement is likely "very soon." -- Dow Jones