JAKARTA: PT Bank Mandiri Tbk is considering the possibility to acquire PT Bank Mutiara Tbk for IDR6.7 trillion, conforming Finance Ministers demand for state-controlled banks to participate in the bid of the formerly bailed-out bank.Concerning [demand of] Finance Minister, we welcome it and we are considering it, Bank Mandiri President Director Zulkifli Zaini said yesterday.Bank Mandiri may use its internal cash as much as IDR53 trillion to finance the acquisition, he said. Our capital is sufficient to make corporate action, including acquiring mid-class bank and insurance or multifinance companies.Moreover, the state-controlled bank can get funds from recapitulated bonds worth as much as IDR79 trillion. According to Zulkifli, using the proceeds from the recapitulated bonds to acquire a bank can be more profitable than obtaining the current yield of state treasury.The recap bonds currently refer to 3-month state treasury with limited yield. So if there is chance to get more than the 3-month treasury, we will certainly force to it, he said.However, Zulkifli declined to comment on the price of Bank Mutiara at IDR6.7 trillion. We have not seen the details. It needs further review so we could not tell whether it is expensive or cheap.Bank Mutiara, formerly known as Bank Century, was bailed out and is currently in the process of divestment by the current owner, Indonesia Resolution Trust Corporation (LPS). The bidding from investors ended on July 18, and the selection process is in progress through due diligence of the future buyers.Minister of State-Owned Enterprises Mustafa Abubakar affirmed that he has not received any report from four state banks on their willingness in buying Bank Mutiara. The ministry, as he added, had not given direction, instruction or intervention on it.Commercial CreditIn another development, Bank Mandiri is planning to increase commercial credit by 21% from IDR86 trillion in 2010, according to Director of Commercial & Business Banking Sunarso.Bank Mandiris credit target grew 23% this year. We want it reach IDR104 trillion, Sunarso said.To achieve the target, Sunarso explained that the bank management has struggled to build network in commercial sector, business banking and micro business. The bank will also optimize the usage of the network and facilities completed in the first half of 2011.In addition, the bank asserted its readiness in providing unlimited fund if asked to finance another construction of warships to support Indonesian Navy Force. (01/20) (t04/msw)

---

Artikel Terkait

Berita Lainnya

Berita Terbaru