JAKARTA (Yosefardi) – The Indonesian Deposit Insurance Agency (LPS) announced that J Trust Co Ltd, a Japanese investment company which controls 10% shares of Tahir’s Bank Mayapada, has today (November 20) paid Rp4.41 trillion for acquiring 99% stake in PT Bank Mutiara Tbk (BCIC).
LPS claimed the selling price of Bank Mutiara is equal with 3.5 times of its price to book value (PBV).
BCIC suffered loss of Rp223.8 billion in first nine months of 2014. The bank booked net interest income of Rp31.2 billion, compared to Rp213.2 billion in the same period of 2013.
Its assets totaled Rp12.6 trillion, of which credit amounted Rp8.2 trillion. While liability totaled Rp11.47 trillion of which third party funds accounted for Rp10.8 trillion.
J Trust is expanding its business in Indonesia, entering into a strategic operational alliance between Bank Mayapada (MAYA) and J Trust Asia Pte Ltd, the group’s subsidiary in Singapore.