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VIVAnews - PT Bank UOB Buana Tbk will be focusing on retail business and consumer banking following the merger with PT Bank UOB Indonesia.
“Taking into account the infrastructure, Bank UOB Buana has two hundred and fifty branch offices while UOB Indonesia has ten,” Bank UOB Buana President Director Armand Bachtiar in Jakarta on Thursday, April 15.
Regarding the focus, he also explained the company is targeting 20 to 25 percent of growth. Meanwhile, the capital adequacy ratio (CAR) of UOB Buana per March 2010 was 23.56 percent and 34 percent for UOB Indonesia.
UOB Buana Managing Director Safrullah Hadi said the CAR position would be 20 to 22 percent after the merger was legalized.
The company’s shareholders meeting (RUPSLB) has also agreed to approve the merger between Bank UOB Buana and Bank UOB Indonesia.
According to Hadi, the merger would take effect on June 30, 2010 at 5 PM local time. Operationally, the merger will be in force on July 1, 2010.
He also explained that after the merger, the company’s total equity was Rp 6.5 trillion with Rp 2.3 trillion worth of accounted capital. Meantime, post-merger target asset was said to be Rp 40-41 trillion.
There was also third party’s fund (DPK) of Rp 30-33 trillion. As for credit expansion target, Hadi said the amount would be Rp 30-33 trillion.
The shareholders have also agreed to keep UOB Buana’s net profit of Rp 443.92 billion as retained earnings. “This is to support the company’s future expansions,” he said.
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Translated by: Nataya Ermanti
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