Lippo-China Resources ties

Lippo-China Resources ties

HONG KONG (AFP): The chairman of Indonesian-owned Lippo Ltd. said yesterday that further cooperation with the Beijing-backed China Resources group would be announced soon.

Lippo chairman Stephen Riady said the company wants to expand the relationship in both financial services and other areas following its recent reorganization.

"We want to work on the basis of cooperation after the reorganization in further expanding our business operations both in financial services and non-financial areas," he said after the company's annual meeting.

Under the recent deal, the property affiliates of Lippo and China Resources will each hold 37.2 percent of Lippo affiliate HKCB Bank Holding Co. Ltd., which owns 50 percent of Hong Kong Chinese Bank Ltd., a commercial banker servicing small and medium-sized trading companies here.

The China Resources group is under the flagship of China's Ministry of Foreign Trade and Economic Cooperation.