MNC Kapital Indonesia Tbk to acquire Bank ICB Bumiputera

MNC Kapital Indonesia TBK (BCAP IJ) to acquire Bank ICB Bumiputera (BABP IJ) in 2Q1

MNC Kapital  intends to buy 30% share of Bumiputera Bank from ICB for its full licenses on retail foreign banks activities and credit card issuance.  Hary Tanoe, the President and CEO of MNC group, also planned to expand the bank business through internet and private banking after the acquisition.  BABP reported Rp7,434bn of total assets and Rp714bn total equity in Dec12. Post the acquisition, ICB will still hold 39.9% while SGPT 5.5%, AJB Bumiputera 5.5% and public 20%. Based on the market price the bank is valued at 1.3x P/BV Dec 2012. (Bisnis Indonesia)