|
JAKARTA - PT Bank CIMB Niaga Tbk and PT Bank Lippo Tbk have received approval from Bank Indonesia, the countrys banking regulator, to merge their businesses. In a statement here Thursday, CIMB Group said the approval was given yesterday, paving the way for the first banking merger under the Indonesian government's single presence policy. CIMB Group chief executive, Datuk Nazir Razak, said the merger would create the fifth largest bank in Indonesia by assets.
"The complementary strengths of CIMB Niaga and Lippo, backed by the universal banking platform of CIMB Group, will position the merged bank to compete effectively and expand," he said. Bank CIMB Niaga and Bank Lippo had agreed to consolidate their businesses on June 2 this year to enable their ultimate common shareholder, Khazanah Nasional Bhd, to comply with Bank Indonesias single presence policy ahead of the regulators 2010 deadline.
Under the merger plan, CIMB Group will emerge with a shareholding of between 58.7 percent and 81.3 percent of Bank CIMB Niaga, depending on the number of shareholders who opt to take up equity in the merged bank. The merger will be completed by November this year while full business integration is anticipated to be completed by end-2009.
CIMB Goup said Bank Indonesia has approved the appointment of Arwin Rasyid as president director of Bank CIMB Niaga. "Arwin, 51, has held several senior positions in the banking sector including vice president director of Bank Negara Indonesia, president director of Bank Danamon Indonesia and vice president director of Bank Niaga," it said.
|
|
|
There are no reactions on this blog entry yet. Be the first one to give a reaction here!
|
Log in to write a reaction
|
You are not logged in to the website. You have to be logged in to write a reaction on this blog entry.
· If you already have an account, please login.
· If you have lost your password, please retrieve it.
· If you don't have an account yet, you can create one.
|
|
|
ABOUT THIS ENTRY |
Add this blog entry to your email, your own blog, MySpace, Facebook, or whatsoever via AddThis:
|

Login if you want to receive emails for reactions on this blog entry. You will receive an update as soon as a reaction on this blog entry is posted.
|
|
Looking for e-tickets for flights in Indonesia? Here's your solution! Order your e-tickets at ticketindonesia.info.
|
BLOG ARCHIVE |
· 2015, 28 entries
· 2014, 591 entries
· 2013, 750 entries
· 2012, 1061 entries
· 2011, 792 entries
· 2010, 644 entries
· 2009, 916 entries
· 2008, 504 entries
· 2007, 725 entries
· 2006, 1014 entries
· 2005, 723 entries
· 2004, 558 entries
· 2003, 525 entries
· 2002, 375 entries
· 2001, 162 entries
|
POPULAR TAGS |
Automatically generated every hour
|
EXCHANGE RATES |
@ 17 May 2018 18:12 CET
|
@ 17 May 2018 21:58 CET
|
@ 15 May 2018 08:42 CET
|
@ 07 May 2018 07:48 CET
|
@ 16 May 2018 09:18 CET
|
@ 17 May 2018 00:46 CET
|
|
Go to 'exchange rates' |
|