PT Bank Rakyat Indonesia Tbk reviewed its plan to acquire 55% shares of PT UFJ Finance, a joint venture financing company of UFJ Bank of Japan.
"We cancel the plan to buy UFJ," said the President Director of BRI Sofyan Basir in Jakarta yesterday.
He said BRI has planned to acquire local banks to support inorganic growth of its sharia banking unit as the bank will separate the unit in June 2007.
Reportedly BRI has prepared IDR940 billion to buy some shares at the financing company. BRI had the stake of 45% at the financing company, while its Japanese partners controlled the rest 55%.
Sunday, February 25, 2007
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