HK firm to buy 25% of RI bank

HK firm to buy 25% of RI bank

HONG KONG (Dow Jones): Citic Ka Wa Bank may acquire a 25 percent stake in Indonesia's Bank Century Intervest Corp., the Sing Tao Daily reported Friday.

An official at Bank Century Intervest Sriyono said the acquisition will be finalized by the end of the year, the local paper said.

The deal will be sealed Friday, however details of the terms of the deal haven't been finalized, the paper said, quoting unnamed sources.

Bank Century Intervest posted losses of more than Rp 10 billion in 1998 due to the Asian financial turmoil, the Chinese- language paper said.

The Jakarta stock exchange expressed concern about the bank's financial health and warned that the loss-making bank will be withdrawn from the exchange if it fails to return to profitability next year, the paper said.

Officials at Citic Ka Wa couldn't immediately be reached for comment.