JAKARTA - PT Bank Agris Tbk (AGRS) is still in the process of arranging merger permits with the Industrial Bank of Korea (IBK).
"The direction of the business depends on IBK, because they created the business plan. Now we are working on the merger licensing process so it will be proper," said Paulus Nurwadono, President Commissioner of Bank Agris.
Paulus is reluctant to reveal when the merger process will be completed, because there are many things that must be synchronized.
For information, IBK has officially acquired 97.79% shares in Bank Agris, equivalent to 5,035,057,480 shares in January. The purpose of this acquisition is to enlarge the scope of IBK's business in Indonesia by utilizing the company's expertise in SME financing. (LM)