Bank Rakyat eyes more acquisitions

Bank Rakyat Indonesia's local expansion plans include buying into a local brokerage company or acquiring a bank.

The Jakarta-based lender has set aside as much as Rp 2.5 trillion or $278 million to fund the acquisition, according to  Sofyan Basir, the bank’s president director.

“We have internal funds of around Rp 2 trillion to Rp 2.5 trillion, which we will use to fund the acquisition of a financial institution,’’ Sofyan reveals. He prefers a securities house as his company's immediate target.

“The securities business is interesting and we are targeting a brokerage company,’’ he said.

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