Sunday, May 30, 2010

ICB Bumiputera plans convertible bonds IDR150 billion

PT Bank ICB Bumiputera Tbk proposed Mandatory Convertible Bond I/2010 amounting to IDR150 billion.
PT Pemeringkat Efek Indonesia assigned at idBBB+ the rating of Bank ICB Bumiputera and at the same time assigned idBBB rating for the Bank’s proposed Mandatory Convertible Bond. The outlook for these ratings is stable.
The ratings reflect strong support from ICB Financial Group Holdings AG and lower customer risk profile.
Nevertheless, the ratings are constrained by its relatively high liquidity risk profile and tight competition in consumer and small, medium, micro, enterprise segments. Bank Bumiputera was established in July 1989. In its early operation, the company's core business was geared towards the corporate sector.
However, in 2000/2001, the bank reoriented its business strategy to focus more on the consumer segment (retail banking) and commercial segment (small and medium enterprises). The Bank’s head office is in Jakarta, along with 15 branch offices, 23 sub-branch offices, 39 cash offices, 5 payment points and 68 ATMs that are connected to the ATM Bersama network and ATM BCA, that are spread out across the nation and has 1,239 employees.
As of April, 2010, Bank ICB Bumiputera shareholders were ICB Financial Group Holdings AG (67.07%), AJB Bumiputera 1912 (5.99%), and Public (26.94%).

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