Indonesia hands over Bank Bali management to Stanchart

Asia Times Online July 29, 1999

Indonesia hands over Bank Bali management to Stanchart
http://www.atimes.com/bizasia/AG29Aa01.html

JAKARTA - Indonesian Bank Restructuring Agency (IBRA) says it has handed management of Bank Bali to Standard Chartered Bank (Stanchart) to ensure the foreign bank keeps its commitment to invest in Bank Bali. IBRA secretary Christovita Wiloto said Standchart was reluctant to go through with its investment plan as recapitalization needs rose to Rp4.3 trillion ($615 million) from Rp2.8 trillion in December 1998. After talks with Stanchart, IBRA allowed it to take over management of Bank Bali with IBRA as standby buyer in a rights issue. Stanchart can hold up to 20 percent of Bank Bali shares.