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Sunday, March 5 3:49 PM SGT

HK Bank Of East Asia Buys 24.5% Of Bank Daiwa Perdania

HONG KONG (Dow Jones)--Hong Kong`s Bank of East Asia Ltd. (H.BEA) has signed an agreement with Japan`s Daiwa Bank Ltd. (J.DWB or 8319) to buy from the Japanese bank a
24.5% stake in PT Bank Daiwa Perdania, the Hong Kong bank said in a statement late Saturday.

Bank of East Asia said it will pay about US$14 million for the stake, without specifying what form the payment will take.

PT Bank Daiwa Perdania is a Japanese-Indonesian joint venture in commercial banking with seven branches in Indonesia.

Bank of East Asia also said it has an option to increase its shareholding in the venture to 30%.

Chairman and chief executive of Bank of East Asia David Li said that the deal would bring "attractive shareholder value for a modest price."

"We know that the Indonesian Chinese business community is bringing funds back into (Indonesia) for investment purposes. And we know that clients of ours in Hong Kong and elsewhere
around the world see great potential in Indonesia and also plan to invest there," Li said, explaining the motive of the acquisition.

Bank of East Asia said it will form a special team within PT Bank Daiwa Perdania to serve the Hong Kong bank`s own clients from overseas and to expand the Indonesian market.

PT Bank Daiwa Perdania has a customer base that includes businesses in the chemical, textiles and foodstuffs sectors. It generates over 80% of its business in foreign currencies, according
to the statement.

The deal is expected to be finalized by March 8, the statement said.


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[SunInvestor]

net schlecht, so auf einmal, zuletzt sah noch so aus, als ob die erst
in 2 oder 3 jahren kommen. Woher der plötzliche stimmungswandel?

SunInvestor