Tamara Bank ties up with China Trust

JAKARTA (JP): Publicly listed Tamara Bank and China Trust Commercial Bank of Taiwan will launch their joint venture bank, Bank China Trust Tamara, here on July 23.

"This will be the first Taiwanese bank in Indonesia," Tamara Bank's vice president Hendrik Suhardiman said after the bank's annual shareholders meeting yesterday.

He said Tamara Bank owned 15 percent of the new bank, and China Trust owned 85 percent. The new bank would have Rp 150 billion (US$61.27 million) in paid-up capital.

Tamara Bank had strategic alliances with several other foreign companies including Hanil Bank of South Korea, Grand Pacific Corporation Ltd of Taiwan's Chailease Group and Vickers Ballas of Singapore, he said.

"We plan to open Hanil Tamara Bank this year," he said.

Hendrik said Tamara expected a 45.9 percent rise in its net profit this year to about Rp 50 billion from Rp 34.26 billion in 1996.

The bank also expected its assets to rise to Rp 3.5 trillion this year from Rp 2.89 trillion, he said.

"During the first five months of this year we have booked a Rp 35.34 billion before-tax profit," he said.

Tamara bank's net profit rose 46.24 percent last year to Rp 34.26 billion from Rp 23.43 billion, its assets rose to Rp 2.89 trillion last year from Rp 2.05 trillion and its capital adequacy ratio to 15.51 percent from 9.87 percent.

At yesterday's meeting, shareholders approved a dividend of Rp 25.2 billion or Rp 32 a share.

The shareholders also approved management's proposal to split the nominal share price from Rp 1,000 to Rp 500. This will double the number of issued shares to 285.66 million. (das)