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.