IBRA names JP Morgan for Danamon

IBRA names JP Morgan for Danamon

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) has
appointed consultant firm JP Morgan as the financial advisor for
the planned sale of majority stake in Bank Danamon.

IBRA chairman Syafruddin Temenggung told reporters on Thursday
that JP Morgan has been picked from the six contestants, both
domestic and overseas, vying for the job.

Selecting the FA serves as a prelude for the agency before
kickstarting the first stage of divesting up to 71 percent of
stake in Bank Danamon, a process that hoped to be finalized by
March next year.

IBRA will sell up to 20 percent stake in the bank through
market offerings, to be followed by selling a controlling 51
percent stake through strategic sale mechanism.

IBRA currently owns 99.4 percent of stake in the bank, in
return for some Rp 47 trillion worth of bail out funds injected
to the bank since the crisis. -- JP