INPC Bank short-lists two bidders

INPC Bank short-lists two bidders

Dadan Wijaksana, The Jakarta Post, Jakarta

Publicly listed Bank Inter-Pacific (INPC) has short-listed two
consortia, namely Trimegah Securities and Chelsea Investments, as
the bidders vying for a controlling stake in the bank.

INPC president Nandi Hamaki said on Wednesday that Trimegah
teamed up with PT Mitra Pinasthika Mustika and PT Bank Artha
Graha, while Chelsea investment was partnered with PT Citra Dana
Asia.

The bank is now waiting for Bank Indonesia to conduct a fit
and proper test before determining the winning bidder, he told
detik.com.

"We reported the list of bidders to the central bank today and
now we just have to wait for the results," said Catherine Citra,
the bank's spokesperson.

The exact timetable for the completion of the divestment
process is not available.

State-owned Bank Rakyat Indonesia owns a controlling stake of
66.79 percent in INPC, while Bank UFJ Ltd. and Credit Commercial
de France, respectively owns 20.18 percent of shares and 12.14
percent of shares. Public investors own the remaining 0.9 percent
of shares.

The first three investors plan to sell their shares in the
bank.

The bank's minority shareholders are expected to give their
approval for the planned divestment program at the upcoming
extraordinary shareholders meeting on May 14.