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.