Taiwan banks, Lippo tie up

Taiwan banks, Lippo tie up

TAIPEI (AFP): Three Taiwanese banks and Indonesia's Lippo Group will jointly establish a bank with a capital of US$50 million in the southeast Asian country, the Economic Daily News said yesterday.

The three Taiwanese banks -- the International Commercial Bank of China, the Shanghai Commercial and Savings Bank Ltd. and the United World Chinese Commercial Bank, will take an 80-percent stake in the planned bank, with the Indonesian side holding the remaining 20 percent, the daily said.

The project, the island's first banking joint-venture investment in Indonesia, has been sent to the Finance Ministry for approval, it added.