JAKARTA – PT Prima Master Bank, a national, privately-owned commercial bank, has been downgraded to a People’s Credit Bank (lit. Bank Perkreditan Rakyat/BPR) following its failure to meet the minimum core capital requirement of IDR 3 trillion last December.

Based on the press release quoted Monday (16/1), Darmansyah, Director of Public Relations of the Financial Services Authority (OJK), claimed that the Meeting of the Board of Commissioners of OJK last week (4/1) had decided to revise the commercial bank license of Prima Master Bank (PMB), changing it to a BPR.

Prima Master Bank is the only bank from 37 national, privately-owned commercial banks and local development banks that has yet to meet the minimum IDR 3 trillion of core capital requirement until December 31, 2022. This bank is headquartered in Surabaya, East Java, and has been operating as a private bank since March 1, 1991. (LK/ZH)