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Three state-owned firms set up new bank
Three state-owned firms; state lender Bank Mandiri, pension insurance firm Taspen and postal company Pos Indonesia set up a joint venture in Jakarta on Thursday with Bank Sinar Harapan Bali (BSHB)
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hree state-owned firms; state lender Bank Mandiri, pension insurance firm Taspen and postal company Pos Indonesia set up a joint venture in Jakarta on Thursday with Bank Sinar Harapan Bali (BSHB).
Bank Mandiri president director Budi Gunadi Sadikin said the joint venture was aimed at improving access to financial services across the archipelago, especially to develop small and medium enterprises (SMEs).
"With this bank, we want to actively support the programs of the central government and Bank Indonesia to serve the people ,"Budi said as quoted by Antara news agency.
Previously in April 2013, the three companies signed a memorandum of understanding (MoU) to establish a joint venture with Bank Mandiri as the major shareholders while Pos Indonesia and Taspen each hold a 20.2 percent share.
Taspen president director Iqbal Latanro said the purpose of setting up the new bank was to help provide start-up capital to retirees who were entering a new phase in their lives.
"We are hoping that this synergy will help retirees get easier access to financing," Iqbal said.
In addition, Pos Indonesia CEO Budi Setiawan said that the firm's network would help distribute the credit portfolio of the joint venture bank. (nfo)
