Wednesday, February 17, 2010

Sampoerna family Acquires Bank Dipo

The Sampoerna Family finally acquires an 85% stake in PT Bank Dipo Internasional after one-year hiatus. The licensing is currently being processed in the central bank (BI). At the moment, the acquisition only needed for permission from the central bank.
In early 2008, Sampoerna was interested in acquiring a majority stake in Bank Dipo and conducted a due diligence. However, at the end of 2008 they delayed the plan on worries about the impacts of the global economic crisis.
In early 2009, the Surabaya-based tycoon expressed his interest again to buy Bank Dipo. At the time, according to the plan, Sampoerna would become the sole investor through Orient Distributor Network Pte Ltd and Michael J. Sampoerna.
The Sampoerna Group has been actively expanding by acquiring a variety of companies having interests in the telecommunication, agribusiness, and financial sectors. Michael is a son to Putera Sampoerna, the owner of the Sampoerna Group. In the meantime, Orient is a Singapore-based trading company owned by the business group.
Putera Sampoerna raised IDR18.6 trillion from the sale of his 40% stake in cigarette maker publicly listed PT HM Sampoerna. Following the sale, the group has been actively sounding to acquire several companies, including foreign ones.
In the meantime, Bank Dipo is controlled by PT Pahalamas Sejahtera (a 42% stake or equivalent to 12.5 billion shares, Suhanti Poniman (a 48% stake or equivalent to 14.5 million shares), and Suhada Poniman (a 10% stake or equivalent to 3 billion shares).
Based on the financial statement as of October 2009, Bank Dipo had IDR613.8 billion in assets, IDR464.99 billion in credit portfolio, and IDR456 billion in third-party fund.
The non-foreign exchange bank recorded IDR12.1 billion in profit, IDR131.7 billion in core capital-above IDR100 billion required-and a capital adequacy ratio (CAR) of 24.7%.
Local investors
The Sampoerna Group's measure is the first action conducted by a local investor after the 2008 financial crisis. Recently, foreign investors have been eyeing local banks following the end of the deadline for banks to have a minimum capital of IDR100 billion this year.
Previously, despite crisis, foreign investors like Barclays Capital moved on by acquiring Bank Akita, while HSBC acquired publicly listed PT Bank Ekonomi Rahardja.
At the moment, several foreign investors are processing their plans to acquire local banks, such as RHB Capital that will acquire PT Bank Mestika Dharma and Affin Holdings that is negotiating to acquire Bank Ina Perdania. Both investors are from Malaysia.
Investors from South Korea, Spain, Middle East, and India are eyeing local banks to be acquired. Local investors have been in resurgent in the past two years following the Soeryadjaya family's plan, through Edwin Soeryadjaya, to acquire Bank IFI prior to the shutdown of the bank.
Sandiaga Uno through Recapital Advisor is also sounding to acquire several banks, but none of them has been realized. Only publicly listed PT Bank Central Asia recorded as a local investor acquiring bank after it acquired PT Bank UIB, which will be converted into Islamic bank.

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