RSI sets up finance firm

RSI sets up finance firm

JAKARTA (JP): Bank Risjad Salim International, a foreign exchange bank controlled by business tycoon Ibrahim Risjad, signed an agreement last night with Boram Bank of South Korea for the establishment of a multifinance firm in Indonesia.

Zairyanto, president of Bank Risjad Salim International, which is known as RSI Bank, said that the new company will have a paid- up capital of US$15 million.

The firm, to be 70 percent owned by Boram Bank and 30 percent by RSI Bank, will provide services in leasing, factoring, venture capital, consumer finance and credit cards, he said.

"The new company is expected to assist Korean companies making investments in Indonesia," Zairyanto said.

He said that Boram Bank, one of the largest banks in South Korea, with total assets of $17.6 billion as of last December, is owned by Lucky Gold Star Group, Kolon Group, Doosan Group and the investing public.

RSI Bank held total assets of Rp 240 billion ($107.6 million) as of the end of 1994, he said. (riz)