JAKARTA: PT Bank Permata Tbk secured a permission from Bank Indonesia to acquire the majority shares in GE finance Indonesia. The acquisition is projected to boost the credit card business of the company.President director of Bank Permata David Flecther said the company has accomplished the acquisition process after obtaining the official permission from Bank Indonesia."This acquisition is a milestone in the business growth of Bank Permata to become a leading provider of financial services in Indonesia that focus on consumer and commercial segments," he said in a written statement this afternoon.GE Finance is the only non-bank credit card issuer in Indonesia and masters 6% of market share. This acquisition will effectively increase the portfolio of credit card business of Bank Permata up to three times and raised its market share to 8%.According to Fletcher, the acquisition will also provide additional value through the power of Ge Finance in terms of customer base, marketing and development of innovative products both in terms of risk management system as well as excellence.Acquisition plan was first announced in June 2010 through the signing of the share sale agreement between Bank Permata and GE Finance.The bank management claimed that the acquisition will be profitable for consumer banking business and a strategic opportunity to expand the credit card business and strengthen the joint financing platform of vehicles in Bank Permata.(t03/wiw)

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