Govt mulls Danareksa as 'parent' for state banks
Aditya Suharmoko, The Jakarta Post, Jakarta
The government is considering state-owned investment management company PT Danareksa to be a holding company for banks which the government own a majority stake in, a minister says.
"We are still considering some options. One of them is to turn Danareksa into a holding company," State Minister for State Enterprises Sofyan Djalil said Monday.
Under the central bank's single presence policy, an investor, either from the public or private sectors, is not allowed to own a majority stake in more than one bank. Those controlling stakes in more than one bank must merge their banks, conduct an acquisition or establish a holding company at the latest by 2010.
The government has a 56 percent share in Bank Rakyat Indonesia (BRI), a 67 percent share in Bank Mandiri, a 76 percent share in Bank Negara Indonesia (BNI) and is the sole owner of Bank Tabungan Negara (BTN).
The four banks have total assets of Rp 658.5 trillion (US$71.23 billion), or 35.6 percent of the country's total banking assets.
Sofyan said that to comply with the central bank's policy, the government was considering turning Danareksa into a makeshift development bank and holding company for state banks. However, he said the decision was not yet final.
"We may instead establish a development bank, like the KfW (Bankengruppe) in Germany, or like development banks in Japan and New Zealand," he said.
KfW is a German government-owned development bank formed after World War II to support the country's economy. Its name originates from Kreditanstalt fr Wiederaufbau, which means reconstruction credit institute.
According to Sofyan, the government will seek assistance from KfW if it decides to establish a development bank.
Responding to the government's plan to turn Danareksa into a holding company, Danareksa president director Wahzary Wardaya said the company may likely be a holding company for state banks. However, he declined to comment further.
Danareksa, established in late 1976, had total assets and capital of Rp 1.97 trillion and Rp 701.48 billion as of June 2006. It has a research center that specializes in studying state-owned companies in the country.
Separately, a top banker who refused to be identified, told The Jakarta Post he did not agree with the government's plan to turn Danareksa into a holding company for state-owned banks.
"Why should the government shift a securities company? I think the government should establish a new bank rather than shifting a securities company to a holding company," he said.
He warned that Danareksa officials lacked the capacity to manage state banks.
"It is not easy to manage banks with enormous amount of capital. I doubt the current Danareksa officials can handle those banks."
The government is considering state-owned investment management company PT Danareksa to be a holding company for banks which the government own a majority stake in, a minister says.
"We are still considering some options. One of them is to turn Danareksa into a holding company," State Minister for State Enterprises Sofyan Djalil said Monday.
Under the central bank's single presence policy, an investor, either from the public or private sectors, is not allowed to own a majority stake in more than one bank. Those controlling stakes in more than one bank must merge their banks, conduct an acquisition or establish a holding company at the latest by 2010.
The government has a 56 percent share in Bank Rakyat Indonesia (BRI), a 67 percent share in Bank Mandiri, a 76 percent share in Bank Negara Indonesia (BNI) and is the sole owner of Bank Tabungan Negara (BTN).
The four banks have total assets of Rp 658.5 trillion (US$71.23 billion), or 35.6 percent of the country's total banking assets.
Sofyan said that to comply with the central bank's policy, the government was considering turning Danareksa into a makeshift development bank and holding company for state banks. However, he said the decision was not yet final.
"We may instead establish a development bank, like the KfW (Bankengruppe) in Germany, or like development banks in Japan and New Zealand," he said.
KfW is a German government-owned development bank formed after World War II to support the country's economy. Its name originates from Kreditanstalt fr Wiederaufbau, which means reconstruction credit institute.
According to Sofyan, the government will seek assistance from KfW if it decides to establish a development bank.
Responding to the government's plan to turn Danareksa into a holding company, Danareksa president director Wahzary Wardaya said the company may likely be a holding company for state banks. However, he declined to comment further.
Danareksa, established in late 1976, had total assets and capital of Rp 1.97 trillion and Rp 701.48 billion as of June 2006. It has a research center that specializes in studying state-owned companies in the country.
Separately, a top banker who refused to be identified, told The Jakarta Post he did not agree with the government's plan to turn Danareksa into a holding company for state-owned banks.
"Why should the government shift a securities company? I think the government should establish a new bank rather than shifting a securities company to a holding company," he said.
He warned that Danareksa officials lacked the capacity to manage state banks.
"It is not easy to manage banks with enormous amount of capital. I doubt the current Danareksa officials can handle those banks."
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