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January 18, 2008 |
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BANK MANDIRI: To Control 80% of Bank Sinar PT Bank Mandiri will control 80% of small-sized Bank Sinar and use the bank to serve the country's small business, various reports say. On December 3, 2007, Thomson Financial recounts, Bank Mandiri and Bali-based Bank Sinar signed a conditional sale and purchase agreement. Bank Mandiri said it will initially purchase 50% of Bank Sinar shares but did not give the value of the stake, the report adds. According to Antara News, following the purchase, Bank Mandiri will inject IDR80 billion into Bank Sinar, raising its capital base to IDR100 billion. Following the injection, Bank Mandiri will control 80% of Bank Sinar, and the remaining 20% will be held by former Bank Sinar shareholders, Thomson Financial relates. Antara News adds that Bank Mandiri said it will use its internal cash reserves for Bank Sinar's purchase, which is expected to be finalized on May 5. About Bank Mandiri PT Bank Mandiri -- http://www.bankmandiri.co.id/ -- is Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, and provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. The Troubled Company Reporter-Asia Pacific reported on Dec. 7, 2007, that Fitch Ratings upgraded the Individual Rating of PT Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its National Long-term rating to 'AA+ (idn)' from 'AA (idn)'. The Outlook on the National rating remains Stable. At the same time, all other ratings are affirmed, as follows: -- Long-term foreign and local currency Issuer Default ratings at 'BB-' with a Positive Outlook -- Short-term IDR at 'B' -- Support at '4', and -- Support Floor at 'B+' On Oct. 19, 2007, Moody's Investors Service raised the foreign currency long-term debt and foreign currency long-term deposit ratings of Bank Mandiri. -- The foreign currency senior/subordinated debt ratings were raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa2 global local currency deposit rating and D- BFSR were unaffected. Indonesia's Mandiri aims for 20 pct 08 loan growth |
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