PEFINDO AFFIRMS "idA+" RATINGS FOR PANIN BANK

Jakarta, Feb. 20 (ANTARA) - Indonesian credit rating agency PT Pefindo has affirmed its "idA+" ratings for PT Bank Pan Indonesia (Panin) Tbk (PNBN) and the company's outstanding bond II/2007 of RP1.65 trillion.

PT Pefindo also affirmed its "idA" ratings for PT Panin's subordinate bond II/2008 of Rp1.5 trillion with a stable outlook.
The ratings reflected the bank's strong business position, strong capitalization, and well diversified loan portfolio, Yulia Ansari and Hendro Utomo, Pefindo analysts, said in a press statement here on Friday.
However, the ratings were constrained by increasing business and credit risks due to unfavorable economic condition, and tight competition in small and medium scale businesses.
Bank Panin was established in 1971 through a business merger of PT Bank Industri dan Dagang Indonesia, PT Bank Kemakmuran, and PT Bank Industri Djaja Indonesia.
According to Pefindo, having a total asset of Rp63.5 trillion per September 2008, Bank Panin is the seventh largest bank in Indonesia with a market share of around three percent.
In accordance with its strategy to increase its retail credits and the number of its clients, Bank Panin continued to expand its network.
Per September 2008, Bank Panin has 349 offices in 29 provinces throughout Indonesia.
The composition of Bank Panin's share holders at present are PT Panin Life Tbk (44.81 percent), Votraint No. 1103 PTY Ltd. (38.21 percent), and the public (16.98 percent).
Votraint No. 1103 PTY Ltd is fully owned by ANZ Banking group of Australia.