Bank of India acquires 76% Bank Swadesi

Bank of India has acquired 76% shares of PT Bank Swadesi Tbk, a small bank with total asset of Rp958 billion as of Sept 2006 at undisclosed price. The bank's previous controlling owners were PT Panca Mantra Jaya and PT Putera Mahkota Perkasa with 39% shares respectively. In November 2005, Bank of India had also acquired 76% shares of another small bank PT Bank Indomonex for about USD6 million. While it's not clear yet of possible merger of Indomonex & Swadesi, under the existing single presence policy set by Indonesia Central Bank, it's likely that Bank of India would merge the acquired banks.

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