New team for bank mergers

New team for bank mergers

JAKARTA (JP): Bank Indonesia (BI) announced yesterday that the
government had formed a team to coordinate mergers,
consolidations and acquisitions of commercial banks.

BI director Achwan said in a statement that the coordinating
team would provide a "one-stop service" to commercial banks
wanting to restructure.

"This one-stop service aims to reduce bureaucracy chains, time
and costs needed for mergers, consolidations and acquisitions,"
Achwan said.

The coordinating team was formed based on BI decree No.
31/18/KEP/DIR, dated April 22.

Members of the team include representatives from BI, the
Directorate General of Financial Institutions and Directorate
General of Taxes in the Ministry of Finance, the Directorate
General of Legal Affairs and Legislation in the Ministry of
Justice, the Indonesian Bank Restructuring Agency and the
Directorate General of Administration and Provincial Autonomy in
the Ministry of Home Affairs.

Achwan said the team would start work today and be in
operation until the end of this year. Their terms could be
extended according to need.

Anyone wanting to get more information on mergers,
consolidations and acquisitions from the coordinating team can
contact it at BI Building B, first floor, Jl. Kemuliaan, Central
Jakarta. (rid)