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Indonesian conglomerate set to acquire Bank ICB Bumiputera
Publication Date : 29-04-2014
Financial services conglomerate PT MNC Kapital Indonesia aims to acquire PT Bank ICB Bumiputera this year by increasing its stake in the bank to 40 per cent, from the current 25 per cent.
MNC Kapital president director Darma Putra said after a shareholder meeting on Monday that his firm planned to secure around 1.5 trillion rupiah (US$129.4 million) in June from rights issues to smooth the way for it to become a major ICB shareholder by securing a 40 per cent stake in the bank.
Switzerland-based ICB Group Holding currently holds the biggest share in ICB Bumiputera, with a total stake of almost 40 per cent, followed by MNC Kapital with 25 per cent, Bumiputera, as well as the public.
“Once we’ve become the major shareholder and have got approval from the Financial Services Authority [OJK], we will rename the bank to MNC Bank,” Darma said.
The bank acquisition, should it go as planned, will expand MNC Kapital’s business to six major business units ranging from asset management to banking services.
Darma said that ICB, which suffered losses last year, would be revived after being acquired by his company.