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NEW UPDATES Asean Affairs  30 April 2014  

MNC Kapital to acquire ICB Bumiputera

Financial services conglomerate PT MNC Kapital Indonesia aims to acquire PT Bank ICB Bumiputera this year by increasing its stake in the bank to 40 percent, from the current 25 percent.

MNC Kapital president director Darma Putra said after a shareholder meeting on Monday that his firm planned to secure around Rp 1.5 trillion (US$129.4 million) in June from rights issues to smooth the way for it to become a major ICB shareholder by securing a 40 percent stake in the bank.

Switzerland-based ICB Group Holding currently holds the biggest share in ICB Bumiputera, with a total stake of almost 40 percent, followed by MNC Kapital with 25 percent, Bumiputera, as well as the public.

“Once we’ve become the major shareholder and have got approval from the Financial Services Authority [OJK], we will rename the bank to MNC Bank,” Darma said.

The bank acquisition, should it go as planned, will expand MNC Kapital’s business to six major business units ranging from asset management to banking services.

Darma said that ICB, which suffered losses last year, would be revived after being acquired by his company.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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