Swiss Bank sells stake

Tue, 23 Jan 1996

JAKARTA (JP): Lippo Group agreed yesterday to take over Swiss Bank Corporation's 17.2 percent stake in the publicly-listed PT Lippo Securities.

Lippo Group announced that the takeover raised the group's stake in the listed securities company to 67.3 percent.

Swiss Bank is planning to establish a majority-owned securities company in Indonesia and has recently appointed Renee Zecha as a senior consultant in Indonesia.

Lippo Group also said that the Swiss bank will continue to refer its international brokerage business in Indonesia to Lippo Securities. (hen)

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