VIVAnews - PT Bank Sri Partha transforms into PT Bank Andara after it is acquired by four new investors. The bank's main focus is the financing of the micro financial agency.
"After the acquisition, the business orientation of Andara changes from a retail banking into a wholesale banking focusing the funding of micro financial agencies such as cooperatives, rural bank [BPR] and rural credit agency," said Managing Director of Bank Andara Paulus Wiranata in Jakarta on Monday, April 20.
The four new investors of the bank are namely Mercy Corps International (MCI) for 42 percent, International Finance Corporation (IFC) for 20 percent, the Hivos Triodos Fund (HTF) for 17 percent and Catholic Organizations for Relief and Development Aid (Cardaid) for 13 percent.
In the early phase, Andara will allocate around Rp 300 billion fund for micro financial agency's loan. Andara will also restructure its human resources concerning to the business transformation. The bank is targeting one million costumers in the next three years.
After the acquisition, Bank Andara's capital reaches Rp 135.9 billion (US$12.19 million). The number will be increased up to Rp 175 billion (US$15.69 million). Andara's capital is expected to increase to Rp 275 billion (US$24.66 million).
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Translated by: Ariyantri E. Tarman
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