Macquarie cancels RI plan

Macquarie cancels RI plan

SYDNEY (Dow Jones): Australia's Macquarie Bank Ltd. said yesterday it has canceled a joint venture with PT Bank Private Development Finance Company of Indonesia (PDFCI).

The move comes after the Indonesian Bank Restructuring Authority (IBRA) took control of Bank PDFCI's operations.

Macquarie had planned a joint venture between its securitization arm, Macquarie Securitisation Ltd., and Bank PDFCI but the Asian financial crisis has forced a premature end to the deal.

Macquarie Securitisation Ltd.'s managing director Tony Gill told Dow Jones that the company had hoped to enter two deals with Bank PDFCI -- one for securitization and another concerning Treasury.

Gill said that because PT Bank PDFCI was unlikely to continue trading in its present form, Macquarie had scrapped the joint venture.