William Soeryadjaya family returns to the banking industry, which they have left for 16 years, by taking over a 99% stake in PT Bank IFI owned by tycoon Bambang N. Rachmadi.
William, the former owner of Bank Summa, joins hands with Sabar Ganda Sitorus, a businessperson from North Sumatra, to establish a consortium.
Sabar Sitorus is son of Darianus Lungguk Sitorus, a tycoon from North Sumatra who owns PT Torganda. The company has interest in the palm oil business. Torganda Group has been in the financial industry for 20 years and owns 33 people's credit banks.
Soerdjaya family is the founder of Astra International Group. In 1992, the family had to sell Astra following Bank Summa debacle in 1992. At the time, William Soeryadjaya was forced to sell 100 million shares in Astra to service the bank's liabilities.
Bank IFI, a financial institution with an asset of IDR577.8 billion, has been under supervision by BI over the past few months since its capital adequacy ratio is less than 8% on soaring non-performing loan (NPL) ratio.
Wednesday, January 14, 2009
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