JAKARTA: Divestment of PT Bank Mutiara Tbk will be done at the end of this year in order to oblige the regulations.However, bank management is pessimistic that the bank's asset value at the end of this year will be equal to the position before it was taken over by the government in 2008.Consequently, if the company is 'forced' to be sold in this year, then asset recover when the company was taken over state can not be achieved. While so many investors are eyeing the bank which was formerly named Century.The company assets at the end of this year will reach IDR12.4 trillion. It is still below the number of assets in 2008, which was IDR16 trillion, said President Director of Bank Mutiara Maryono.Bank Mutiara is formerly known as Century Bank, which was taken over by the government in October 2008. The takeover decided by Financial System Stability Committee, as the bank was accused to bring a systemic impact on the economy of Indonesia amid the global economy crisis.The takeover made through Deposit Insurance Agency (LPS). The institution injected IDR6.7 trillion to rescue the bank. In accordance with the provisions of LPS Act, the authority was obliged to divest after 3 years of equity participation.Maryono said that it may take 2 or 3 year for Bank Mutiara to return its assets to the position before it was acquired by the government.According to him, it does not mean that the growth of Bank Mutiara is slow. However, he continued, it grew on average in each year. He gave an example in IQ/2011 the companys credit grew by 37.91% to IDR7.257 trillion.DiversificationMaryono said that the management is now encouraging diversification of third party funds to improve the efficiency cost of funds. One of the efforts to encourage the growth of savings is giving prizes.He added that the management targets to increase contribution of low-cost funds to liquidity to 15% from the current position of 10% in order to cut the banks cost of funds."At present, the composition of the fund is deposit with 90% and low-cost funds demand deposits and savings with 10%. By the end of this year we want the composition to be 85% and 15%," he said.Until 1Q/2011, total of third party funds (TPF) of Bank Mutiara was IDR7.5 trillion. According Maryono, the management targets deposits at the end of this year reached IDR10.8 trillion, or up 21% compared with the previous period.Of that amount, as he explained, the contribution of low-cost funds is expected to reach IDR850 billion, especially for savings deposits. For that, he continued, the company offered a reward to attract customers worth IDR1 billion. (t03)

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