Indonesian toll road operator eyes Bank Mutiara

Citra Marga Nusaphala Persada has offered to acquire Bank Mutiara.

The bank is owned by the Deposit Insurance Agency.

“Initially, we are looking at Mutiara’s assets near the toll road development of Serpong-Balaraja. Then, we are offering to take over not only its assets but also the bank as a whole,” said Jusuf Hamka, president director of CMNP, an Indonesian toll road operator.

He said that three officials from Mutiara, including president director Maryono, visited CMNP two weeks ago.

Following the encounter, according to Jusuf, Mutiara invited CMNP to lunch on Thursday, when the bank plans to present its performance and business development.

Despite the offer, Jusuf said CMNP had not considered changing its business to banking sector. “If it is profitable for us, we are interested. For sure, there will be questions about why CMNP wants to enter [the banking sector]. As long as there is no political cost, this is interesting,” Jusuf said.

The LPS is selling its 99 percent stake in Mutiara. The agency acquired Bank Century and rebranded it as Mutiara in 2008, after the controversial Rp 6.7 trillion or US$720 million government bailout.

The agency is required to sell the bank within five years of the acquisition.

Meanwhile, Mutiara president director Maryono denied that the bank was in talks with CMNP.

“Up to now, there is no talk with CMNP, because the divestment process is LPS’ authority,” said Maryono.

LPS executive director Mirza Adityaswara said that a bid to acquire Mutiara had to be made during a bidding period.

“The offering period of [LPS’] divestment in Mutiara has not been opened yet. Let’s wait for January or February,” Mirza said in a text message.

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