Banking News

Indonesia's IBRA to start Danamon sale

Indonesia’s IBRA to start Danamon sale

(Indonesia) - The Indonesian Bank Restructuring Agency (IBRA) says it hopes to start selling 20 percent of its stake in PT Bank Danamon Indonesia on the share market later this week. IBRA's Deputy Chairman I Nyoman Sender told reporters IBRA hopes to start selling the shares after Bank Danamon finishes its reverse stock split Wednesday. IBRA will then sell another 51 percent to a strategic investor.

Nyoman said IBRA expects to receive non-binding bids from prospective investors for the 51 percent stake by the third week of February and hopes to announce the winning bid late March.

The government currently owns 99.36 percent of Bank Danamon, which was created from the merger of several local banks after the 1997-98 Asian financial crisis.

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