Bank Banten Receives Rp. 300 Billion Cash Injection From Sinar Mas Group

Illustration. (Photo: Doc. Antara)

JAKARTA - The Regional Development Bank of Banten Province or Bank Banten received an injection of fresh funds from two corporations, namely the Sinarmas Group and the Bangkok Bank with a value of hundreds of billions of rupiah.

Banten Governor Wahidin Halim said that Bank Banten is currently facing a number of challenges. Starting from liquidity, capital, governance and bad credit originating from Bank Pundi. The value of bad credit alone reached Rp1.6 trillion and was difficult to collect.

"Bank Pundi provides loans as random, irrational. This is a new management risk. We have taken steps, the liquidity ratio is good and other improvements," said Wahidin Halim, quoted from Antara, Thursday, December 31.

The former Mayor of Tangerang said that from an operational perspective, the bank, which was founded in 2016, has also started to normalize. These conditions occurred after interventions from the Sinar Mas Group and Bangkok Bank.

"The intervention of fresh funds from Sinarmas was Rp. 300 billion. Then the Bangkok Bank is still in process but it has already signed (cooperation)," he said.

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For capital, he said, Bank Banten is also implementing a right issue which is open until January 6, 2021. The value of the shares offered is IDR 50 per share, but in the stock market the value of the shares has risen to IDR 120 per share.

"The tendency to buy shares is increasing. Many have started to buy," he said.

According to Wahidin, to improve his governance as the last controlling shareholder, a general meeting of shareholders (RUPS) will be held in January 2021. His party will discuss further programs in the future.

"When a healthy bank can restructure its human resources, management, board of directors and commissioners," said Wahidin.