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Two left in hunt for Bank Niaga

Two left in hunt for Bank Niaga

(Indonesia) - Two consortia have qualified for final bids to buy a 51 percent stake in state-controlled Bank Niaga according to the Indonesian Government. Australia's ANZ bank leads one group and Malaysia's second biggest lender, Commerce Asset-Holding leads the other bidding group. Two other parties originally shortlisted are no longer in the hunt.

Market rumours suggest that final bids for Niaga are likely to be low, although state restructuring agency IBRA has made it clear no more than a 10 percent discount to current market price would be acceptable.

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