Indonesia Deposit Insurance Corporation (LPS) has appointed PT Danareksa Sekuritas as a sale advisor for PT Bank Mutiara Tbk. The sale is expected to be completed this year.
LPS targets to lure new potential investor in August. Formerly, LPS reviewed three brokerage companies as the candidates, including PT Mandiri Sekuritas, PT Bahana Securities and PT Danareksa Sekuritas.
Bank Mutiara, previously named Bank Century, was taken over by government through the LPS in October 2008 when global crisis hit Indonesia. The LPS injected IDR6.7 trillion bailout to raise Bank Century’s capital.
Bank Mutiara is owned by the government through LPS who holds 99.996% of the shares while the remaining 0.004% belongs to public.
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