JAKARTA: PT Bank Syariah Mega Indonesia plans to issue IDR300 billion bond to support the expansion of corporate financing this year.Director of Bank Mega Syariah Beny Witjaksono said the bond issuance to be conducted in quarter II/2011.Currently, he said, the companys capital adequacy ratio (CAR) is still within secured area at 12.4%.We still have no plan to add the capital in first quarter but it is possible that we will conduct bond issuance in second quarter, he told Bisnis, yesterday.The bond issuance will support the growth of companys financing set for 30%.Bank Mega Syariah is seeking 25% growth in micro financing from the growth throughout 2010.Besides, Beny added, the company will start working on small financing sector with IDR1 billion cap to each debtor.In order to develop this new sector, the company will take advantage of the debtors from micro sector that require bigger financing to expand to small sector.This year, we will develop the small financing at the target of IDR2 billion. The cap for this micro loan is IDR500 million. With the new focus, the customer that needs financing above IDR500 million can access the credit facility, he said.The company only grew 7% in term of assets throughout 2010. That was in line with the business strategy that only focused on the micro business segment.Bank Mega Syariah will boost its third party fund (DPK) composition with low-cost funds and deposits to reach 20% and 80%, repsectively, this year from 17% and 83% each last year.We are actually having promotion problem in order to obtain low-cost funds, thus influencing the number of our customers which are very small, he said.Bank Mega Syariah was formerly a general bank known as PT Bank Umum Tugu.In 2001, PT Para Global Investindo dan PT Para Rekan Investama (business group controlling PT Bank Mega Tbk) acquired PT Bank Umum Tugu to be developed into sharia bank.Based on the conversion, PT Bank Umum Tugu has officially operated as sharia bank under the name of PT Bank Syariah Mega Indonesia as of 25 August 2004. (T06/NOM)
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