As many as 35 stock holders agreed Thursday to merge UOB Indonesia with UOB Buana under the name of UOB Buana.
“Under the Bank Indonesia regulation regarding the single presence policy, we are applying this merger before the dead line in December,” President Director of UOB Buana Armand Bachtiar Arief told reporters at Shangrila Hotel in Central Jakarta.
The extraordinary stock holders meeting pointed out that the legal merger procedure would be finished on June 30.
With support from Bank Indonesia, Armand predicted the new UOB Buana management would be fully operated on July 19.
By the end of December 2009, UOB Buana booked a Capital Adequate Ratio (CAR) of 23.56 percent and a net profit of Rp 443.92 billion (nearly US$50 million).
The new merged bank will spend 70 percent of its loan to consumer and small-medium enterprise (SME), while the rest will go to big corporate. (rch)
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