RI-Korean financial firm

JAKARTA (JP): The publicly listed Bank Dagang Nasional Indonesia (BDNI) and Saehan Merchant Banking Corporation (SMBC) of South Korea commenced the operation of their joint venture firm here yesterday.

The joint venture, named PT SMBC Indonesia Finance, will provide leasing, factoring and consumer financing services. BDNI has a 15 percent stake in the multi-finance company, with a paid- up capital of Rp 1.5 billion (US$682,000), while its Korean partner holds the remaining 85 percent.

SMBC is the second largest merchant bank in South Korea in terms of net profits, with leased assets of $2,587 million. (hen)