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Bank Tabungan Pensiunan Nasional (BTPN) will launch an
initial public offering later this year in which it will sell up to 30
percent of its stock, president director Paulus Wiranata says.
BTPN is currently 28.39 percent owned by the government, 22.61 percent
by PT Recapital Advisors, 20 percent by Fuad Hasan Masyhur, 19 percent
by PT Danatama Makmur and 10 percent by PT Bakrie Capital Indonesia.
"Our bank is currently undergoing due diligence," he told the press
Thursday.
"We're also in the process of selecting our underwriter."
He noted that he could not as yet put a figure on the total amount of
proceeds that the bank expected to raise from the IPO as this would
depend on market conditions and price.
But he said that the IPO proceeds would be used to develop the bank's
information technology system and increase the number of its branches
across the country, as well as expand its existing branches.
"Currently, we have some 371 outlets," he was quoted by Antara as
saying.
According to Paulus, as of last year BTPN's total deposits amounted to
Rp 3.51 trillion (US$390 million).
"This year, we hope to attract additional depositor funds of Rp 1
trillion, and extend total loans worth Rp 800 billion."
Last year, the bank's total lending increased by 22.33 percent to Rp
3.233 trillion from Rp 2.643 trillion in 2004.
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