Indonesia Deposit Insurance Corporation (Lembaga Penjamin Simpanan/LPS) appeal Bank Indonesia to give privilege for investor who interesting to acquire PT Bank Mutiara Tbk in the new rules about bank ownership. Bank Indonesia plans to curb the amount of shares an individual investor can hold in commercial bank.
The new regulations, which cpuld efective by fourth quarter of this year, will prevent a handfull investor for controlling or dominating banks.
Indonesian banks have been facing difficulties operating overseas, while
foreign investors are allowed to own up to a 99 percent stake in local
banks — a regulation made in the aftermath of 1997/1998 crisis to spur
growth in the financial sector.
LPS was relaunch strategic sale of Bank Mutiara. As required by law, LPS (controlling 99.996%) must divest its stake at minimum price IDR6.7 trillion equal with bail out cost the lenders at the 2008 financial global crisis.
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