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MNC Bank hunts for medium-sized banks to acquire
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Two customers talk while waiting in MNC Bank's office in Jakarta. (Kontan/Daniel Prabowo)
M
NC Kapital Indonesia is looking closely at medium-sized banks in the industry that could be merged with its subsidiary MNC Bank, following uncertainties over its initial plan to merge the lender with Bank Pundi.
The company's president director Darma Putra said the merger and acquisition team was currently monitoring three banks in the industry. However, only two banks would be selected to be merged with MNC Bank.
"They’re not big banks, but medium-sized ones. Nevertheless, they must be retail-based banks because our group is strong in the media business and handles retail customers," he told thejakartapost.com on Thursday in Jakarta.
In 2015, MNC planned to take over Bank Pundi, owned by Recapital group, and merge it with MNC Bank. However, the plan was ditched following the Banten administration’s interest in buying Bank Pundi and transforming it into a regional bank for people in the province.
"We will probably not be the majority shareholder in Bank Pundi. It depends on the evaluation from the Recapital team," Darma said.
MNC Kapital has allocated Rp 1.5 trillion in cash for the merger and acquisition this year. The company is also looking for two insurance companies to be merged with its subsidiary MNC Insurance. (ags)
