ID :
160981
Mon, 02/14/2011 - 19:41
Auther :
Shortlink :
https://oananews.org//node/160981
The shortlink copeid
QNB Becomes Majority Shareholder in Indonesia-based Bank Kesawan
Doha, February 14 (QNA) - QNB Group has completed the acquisition of a majority share of Indonesia-based Bank Kesawan following a rights issue. QNB Group and Bank Kesawan signed a "Letter of Intent" in September 2010, making QNB Group the "Standby Buyer" for the rights issue which received regulatory approval in December 2010, QNB said in a press release today.
Ali Shareef Al-Emadi, QNB Group Chief Executive Officer said this partnership is in line with the Bank's international growth strategy to expand its presence in strategic markets with significant potential. QNB Group is a committed long term investor in Bank Kesawan and wishes through its investment to be a partner in the development of Indonesia's economy.
Erwin Aksa, President Director of Bosowa Corporation which is the partner shareholder of Bank Kesawan, said the alliance with QNB Group will have a positive impact on Bank Kesawan's overall business plans with the increase in share capital, enhancing the Bank's financial position and allowing for the expansion of business activities.
The partnership will also benefit Bank Kesawan through synergies with QNB Group's advanced information technology system in addition to its expertise as of one the leading financial institutions in the Middle East and North Africa region.
Indonesia is the largest economy in Southeast Asia and is also a member of the G-20 group of major global economies. An energy exporting nation, Indonesia has spent considerable resources on developing its infrastructure and is today a truly vibrant market economy, with robust sub sectors including the financial sector which has grown considerably in recent years under the guidance of the Indonesian Central Bank to strengthen the banking sector by encouraging consolidation and significantly improving prudential banking and supervision.
Bank Kesawan currently operates a network of 36 branches and sub branches throughout Indonesia, with total assets of approximately 3.2 Trillion Indonesian Rp. ($356m) and shareholders' equity of approximately 920bn Indonesian Rp. ($102m), with a Capital Adequacy Ratio of 60% after the completion of the recent Rights Issue.
QNB Group recently announced its financial results for 2010, in which net profit increased by 35.8% over 2009 to $1.6bn, making it the second most profitable bank in the region for 2010. Total assets reached $61.4bn, increasing by 24.6% over 2009.
QNB Group was established in 1964, with a 50% ownership stake by Qatar Investment Authority and the remaining 50% owned by private shareholders. It is the leading financial institution in the state of Qatar and one of the largest banks in the Middle East and North Africa region, with branches, offices and affiliates in 24 countries around the world.
The acquisition of a majority shareholding in Bank Kesawan supports QNB Group's international expansion plans, which in recent years have become an integral part of the Bank's growth strategy and have supported the Bank's commitment to diversify the sources of its revenue by exploring new and promising opportunities.
Bank Kesawan was founded in 1913 and is headquartered in Jakarta, Indonesia. It is one of the Foreign Exchange Licensed Banks (Bank Devisa) in the country and is currently targeting growth to meet the growing demands of one of the fastest growing markets in Asia
Ali Shareef Al-Emadi, QNB Group Chief Executive Officer said this partnership is in line with the Bank's international growth strategy to expand its presence in strategic markets with significant potential. QNB Group is a committed long term investor in Bank Kesawan and wishes through its investment to be a partner in the development of Indonesia's economy.
Erwin Aksa, President Director of Bosowa Corporation which is the partner shareholder of Bank Kesawan, said the alliance with QNB Group will have a positive impact on Bank Kesawan's overall business plans with the increase in share capital, enhancing the Bank's financial position and allowing for the expansion of business activities.
The partnership will also benefit Bank Kesawan through synergies with QNB Group's advanced information technology system in addition to its expertise as of one the leading financial institutions in the Middle East and North Africa region.
Indonesia is the largest economy in Southeast Asia and is also a member of the G-20 group of major global economies. An energy exporting nation, Indonesia has spent considerable resources on developing its infrastructure and is today a truly vibrant market economy, with robust sub sectors including the financial sector which has grown considerably in recent years under the guidance of the Indonesian Central Bank to strengthen the banking sector by encouraging consolidation and significantly improving prudential banking and supervision.
Bank Kesawan currently operates a network of 36 branches and sub branches throughout Indonesia, with total assets of approximately 3.2 Trillion Indonesian Rp. ($356m) and shareholders' equity of approximately 920bn Indonesian Rp. ($102m), with a Capital Adequacy Ratio of 60% after the completion of the recent Rights Issue.
QNB Group recently announced its financial results for 2010, in which net profit increased by 35.8% over 2009 to $1.6bn, making it the second most profitable bank in the region for 2010. Total assets reached $61.4bn, increasing by 24.6% over 2009.
QNB Group was established in 1964, with a 50% ownership stake by Qatar Investment Authority and the remaining 50% owned by private shareholders. It is the leading financial institution in the state of Qatar and one of the largest banks in the Middle East and North Africa region, with branches, offices and affiliates in 24 countries around the world.
The acquisition of a majority shareholding in Bank Kesawan supports QNB Group's international expansion plans, which in recent years have become an integral part of the Bank's growth strategy and have supported the Bank's commitment to diversify the sources of its revenue by exploring new and promising opportunities.
Bank Kesawan was founded in 1913 and is headquartered in Jakarta, Indonesia. It is one of the Foreign Exchange Licensed Banks (Bank Devisa) in the country and is currently targeting growth to meet the growing demands of one of the fastest growing markets in Asia
