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Bank
of India acquires 76 per cent in Indonesia's
PT Bank Swadesi
23 June 2007
 Mumbai:
Public sector lender Bank of India made its first overseas acquisition by buying
76 per cent stake in Indonesia- based PT Bank Swadesi for an undisclosed amount.
The bank has signed
an agreement for acquiring majority stake in PT Bank Swadesi, BoI said in a filing
with the Bombay Stock Exchange (BSE). BoI
has a representative office in Jakartaand the acquisition is expected to enhance
its operations in Indonesia. A
mid-sized bank operating in Indonesia for the last 38 years, Bank Swadesi has
16 outlets and a licence for forex business. It is also listed on the Jakarta
Stock Exchange. Earlier
in December 11, 2006, BoI had said that it would acquire 76 per cent stake PT
Bank Swadesi Tbk and had signed a conditional sale-purchase agreement for this
purpose with majority shareholders of the Indonesian firm. The
acquisition, however, is subject to necessary approvals or  confirmations
from Bank Indonesia and the Indonesian capital market regulators, BoI said. This
would be the second acquisition of a bank in Indonesia by an Indian lender after
the State Bank of India bought 76 per cent stake in Bank Indomonex.
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