AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Byline: Shu-Ching Jean Chen in Hong Kong
Indonesia agreed Monday to cede control of the country's fifth-largest bank to Singapore's state investment arm and Deutsche Bank AG, as it finishes offloading assets nationalized in the aftermath of the 1997-98 Asia financial crisis.
The Indonesian Bank Restructuring Agency, charged with selling those assets, will disband in February after having orchestrated scores of mergers and privatizations to resuscitate the financial sector.
IBRA, as it's known, will sell 51% of PT Bank Danamon for Rp3 trillion ($348 million) to the consortium and an additional 20% starting Tuesday, May 6, on the Jakarta Stock …