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Korean investors acquiring domestic bank

Selasa, 13 Desember 2016 / 13:27 WIB

Korean investors acquiring domestic bank

JAKARTA. South Korea-based financial institution APRO Financial Co Ltd announced a plan to acquire 77.38% of the shares of PT Bank Dinar Indonesia Tbk. However, the acquisition must be approved by the extraordinary shareholders meeting, which will be held on 6 February 2017.

Previously, APRO had acquired Bank Andara. In accordance with the Financial Service Authority or FSA’s rules, foreign institutions that want to control the majority shareholders of domestic bank should acquire at least two banks, and merge the banks.

President Director of Bank Dinar Hendra Lie said that the bank still has not yet formulated its business plan. However, the bank will remain focus on retail banking. Hendra continued, APRO had once mentioned that after merger, the bank will remain focus on retail and small medium enterprise (SME).

Later, the bank will have a core capital amounting to Rp 1.6 trillion. In other words, Bank Dinar will be categorized under General Banks of Enterprise Activity II (BUKU II). APRO has committed to increase the capital every year amounting to Rp 500 billion. Hence, in 2018-2019, the merged bank will have a core capital of Rp 3 trillion.

In addition to APRO, Cathay Life Insurance Co Ltd, a subsidiary of Cathay Financial Holding Co. Ltd will soon become the controlling shareholder in PT Bank Mayapada International Tbk. To that end, the bank, which is owned by Tahir, will hold extraordinary shareholders general meeting in early January 2017 to approve the acquisition.

According to Managing Director of Bank Mayapada International Hariyono Tjahjarijadi, the acquisition will increase JPMCB-Cathay Life Insurance Co Ltd shares in Bank Mayapada by 40%.

Aside of APRO, another South Korea-based institution Shinhan Bank has acquired Bank Metro Express. Last year, China-based institutions were aggressive when China Construction Bank acquired the shares of PT Bank Windu and PT Bank Antar Daerah (Bank Anda). (Muhammad Farid/Translator)

Reporter: Nina Dwiantika
Editor: Barratut Taqiyyah Rafie

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