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)