Monday, 28 July 2008

Haga and Hagakita banks merged into Rabobank Indonesia

Netherlands-based Rabobank Group will officially merge Haga and Hagakita, two small banks it has acquired into its subsidiary PT Rabobank International Indonesia on June 30, Asia Pulse reported.
With the merger PT Rabobank Indonesia will have a total asset of Rp11 trillion ($1.22 billion), a bank official Alimhamzah said, adding the central bank already given its approval for the merger.
The Rabobank Group acquired Haga and Hagakita two years ago from the Djarum Group, one of the country's largest cigarette makers.
Alimhamzah said despite the merger the core business in retail banking of the two units will be maintained.
Last year, Haga reported a net profit of Rp206.88 billion ($22.3 million) and Hagakita Rp45.06 billion, but Rabobank Indonesia suffered a loss of Rp10.14 billion, the newspaper Bisnis Indonesia reported.

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