Bank Artha Niaga & Swadesi

Dec 16th, 2006, in Business & Economy, by

Bank Artha Niaga & Swadesi are being bought out by foreigners.

Continuing a recent mini-trend (Foreign Bank Acquisitions, and ICBC & Bank Halim) the Commonwealth Bank of Australia plans to buy 50% of the shares of Bank Artha Niaga while the Bank of India has already bought a controlling stake in Bank Swadesi, with 76% of its shares. Of the part acquisition of PT Bank Artha Niaga Kentjana Tbk Deputy Governor of Bank Indonesia Siti Ch. Fadjrijah, says: tempo

They will take 50% of the shares, not 100% considering that local shareholders are still necessary
(Mereka akan mengambil 50 persen saham, tidak sampai 100 persen, karena masih mempertimbangkan perlunya pemegang saham lokal.)

Fadjrijah said that the sales purchasing agreement had already been finalised and the transaction would be completed in the new year.

The Bank of India on the 11th signed a conditional sale and purchase of shares agreement to acquire 76% of Bank Swadesi’s shares. Bank Swadesi hopes to gain a fresh input of capital and information technology transfers from the deal. wartaekonomi

Meanwhile not all are happy about foreign intrusions into the local market. The National Bank Association (Perbanas) is urging local banks to merge as a way to ward off the foreign raiders, and Dradjad H. Wibowo, an economist who is also member of the Finance and Banking Commission at the House of Representatives, said that the high domination of foreign ownership over local banks was already worrying. tempo It has been estimated that about fifty banks in Indonesia are unsound and should consider mergers or takeover offers.

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