Mahathir to inaugurate joint venture bank

Mahathir to inaugurate joint venture bank

JAKARTA (JP): Malaysian Prime Minister Mahathir Mohamad is
scheduled to inaugurate PT May Bank Nusa International, a
Malaysian-Indonesian joint venture bank established with a
capital of Rp 100 billion (US$46 million), at a ceremony here
today.

Coordinating Minister for Economy and Finance Saleh Afiff is
expected to attend the ceremony at the Shangri-La hotel, Bangun
Sarwito Kusmuljono, a commissioner of the joint venture, revealed
over the weekend.

He said the joint venture bank, established on the basis of a
memorandum of understanding signed in January, is 79 percent
owned by Malayan Banking Berhad (Maybank) and 21 percent by PT
Bank Nusa International in Indonesia.

The new bank will allocate at least 50 percent of its loans to
export activities and emphasize supporting economic relations
between Indonesia and Malaysia, he said.

Bangun, who is also president of Nusa Bank, said that the
joint venture bank's management will be led by M. Haslah M. Amin
and Budi Permana and Abdul Rahman M. Khalid will be directors.
Its board of commissioners will be chaired by Sujitno
Siswowidagdo.

Maybank is the largest bank in Malaysia with basic capital
totaling two billion ringgit (US$784.3 million), including paid-
up capital of 1.14 billion ringgit. It operates 226 branches in
Malaysia and 28 others outside the country, with two overseas
representative offices. It also has a subsidiary in Papua New
Guinea.

Nusa Bank, established by the Bakrie Group in November 1989,
currently has an authorized capital of Rp 300 billion ($137
million), including paid-up capital of Rp 65 billion, and
operates 10 branches. It plans to sell some of its shares to the
public next year. (riz)