Ministry Approves Mutiara Acquisition by BRI
21 May 2014 13:18 WIB
TEMPO.CO, Jakarta - The State-Owned Enterprises Ministry approved Bank Rakyat Indonesia's (BRI) proposal to takeover Bank Mutiara—formerly known as Bank Century. Gatot Trihargo, the Ministry's deputy of financial, construction, and other services, said the acquisition willsupport BRI's inorganic efforts. "I think it's a good plan," he said yesterday.
BRI is one among 11 other investors who expressed interest in buying Mutiara, as revealed by the Deposit Insurance Agency (LPS) on May 13. LPS spokesman Samsu Adi Nugroho said that four were domestic investors, while seven are from abroad.
Gatot said that after the acquisition, Bank Mutiara will either be merged with BRI's subsidiary or be part of the parent company.
Despite having the SOE Ministry's approval, Gatot said BRI still has a long way before they completely have Mutiara in its hands. BRI must first go through four or five stages of acquisition first. Gatot is certain that as long as the acquisition process is prudent, BRI will be spared from the political issues that are attached to Bank Mutiara.
ANANDA PUTRI | ABDUL MALIK