Woori Expected To Acquire Stake In Bank Saudara This Year

Jakarta, April 2 (Antara) - Publicly traded lender PT Bank Saudara said it hopes its acquisition deal with Bank Woori could be wrapped up this year to enable it to achieve its target. "The plan is still awaiting approval from Bank Indonesia. We don`t want to speculate but we hope the process could be wrapped up this year," Bank Saudara President Madyantoro Purbo told reporters here on Tuesday. Purbo said the acquisition scheme of stake in Bank Saudara by Bank Woori will be made in two parts -- 27 percent by Bank Woori Korea and six percent by Bank Woori Indonesia. He said Bank Woori will acquire the stakes from Arifin Panigoro, who holds the majority stake of 52.92 percent in Bank Saudara at present. He said after the process of acquisition is completed the share of tycoon Arifin Panigoro would be reduced to 27.27 percent with PT Medco Intidinamika holding 3.68 percent, PT Medco Duta 3.24 percent, Bank Woori Korea 27 percent , Bank Woori Indonesia 6 percent and investing public 32.81 percent. The Panigoro family will still maintain control of the bank through his company PT Medco Energi Internasional which owns PT Medco Intidinamika and PT Medco Duta. Purbo said the plan to team up with Bank Woori is in line with the ambition of Bank Saudara to grow and break into the ranks of top banks in the country. "Bank Woori has a strong capital structure and infrastructure especially in information technology and risk management," he said. He said in 2012, Bank Saudara reported Rp118.84 billion in net profit or up 32 percent from Rp90.04 billion in 2011. Bank Saudara 2012 showed a strong and encouraging performance in 2012 with assets surging 49.85 percent to Rp7.62 trillion from Rp5.09 trillion in 2011, he said. He attributed the increase in assets to growing credit disbursements and third party funds. In 2013, Bank Saudara is set to post Rp8.24 trillion in third party funds, up from Rp6.22 trillion in 2012 and its outstanding credits is forecast to rise 51 percent to Rp7.94 trillion from Rp5.26 trillion in 2012.