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Bank Neo Commerce seeks to raise Rp 2.5 trillion with rights issue
The digital bank is raising funds to meet minimum capital requirements set by the Financial Services Authority (OJK).
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Bank Neo Commerce (BNC) president director Tjandra Gunawan (Courtesy of Bank Neo Commerce/-)
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ublicly listed Bank Neo Commerce (BNC) is planning a rights issue to raise trillions of rupiah as the digital bank seeks to meet the minimum capital requirement from the Financial Services Authority (OJK).
BNC, which transitioned into a digital bank in 2019, is looking to raise Rp 2.5 trillion (US$175.2 million) by issuing 1.92 million new shares at Rp 1,300 apiece.
President director Tjandra Gunawan said this corporate action was meant in part to meet the minimum capital requirements from the OJK at Rp 2 trillion by the end of this year and Rp 3 trillion at the end of 2022.
Read also: New capital rules to spur consolidation
The bank’s total equity was Rp 1.1 trillion as of September this year, according to its latest financial statement.
“This [rights issue] reflects our seriousness and aims at accelerating the transformation to be the leading digital bank in Indonesia,” Tjandra was quoted in a press release as saying on Monday.
BNC joins other banks in issuing new shares at the latter part of this year as they seek additional funds partly for similar purposes. Publicly listed Bank KB Bukopin, for example, is seeking to raise Rp 7.04 trillion by issuing 35.21 million new shares.
