<article>Indonesian lender <a style="color: #000080;" href="http://www.bankwindu.com/" target="_blank">PT Bank Windu Kentjana International Tbk (MCOR)</a> will close the merger transaction with <a style="color: #000080;" href="http://www.bank-antardaerah.com/" target="_blank">PT Bank Antardaerah (Bank Anda)</a> by the end of October.</article>

Indonesian lender <a style="color: #000080;" href="http://www.bankwindu.com/" target="_blank">PT Bank Windu Kentjana International Tbk (MCOR)</a> will close the merger transaction with <a style="color: #000080;" href="http://www.bank-antardaerah.com/" target="_blank">PT Bank Antardaerah (Bank Anda)</a> by the end of October.
The merger follows a 100 per cent acquisition of Bank Anda by Bank Windu back in June, and is expected to strengthen the bank’s capital structure for future expansion.
“With the merger plan, there will be no release of new shares from Bank Windu and Bank Anda, and there will be no share conversion,” said the management in a statement.
The plan is part of Bank Windu’s 2015-2017 business blueprint, in which the company also welcomes a new investor, <a style="color: #000080;" href="http://www.asia.ccb.com/" target="_blank">China Construction Bank (CCB)</a>. The Indonesian <a style="color: #000080;" href="http://www.ojk.go.id/en/" target="_blank">Financial Services Authority (OJK)</a> approved CCB&#8217;s plan to buy a majority stake in Windu last year — a rare case of a foreign bank owning more than 40 percent of a local company.
CCB is China’s second-largest lender by assets, and had bought 51 per cent of Bank Windu’s stakes through a rights offering process, worth Rp 1 trillion (approx. $75 million).
With total assets of RMB18.2 billion ($ 2.9 trillion) and core capital of RMB1.3 trillion, experience in construction and infrastructure financing, CCB is expected to play a significant role in developing that segment. Bank Windu is also hoping to expand its e-banking platform services.
Under the previous business plan, Bank Windu was targeting loan growth around 10 to 12 percent this year. This calculation was made without taking into account CCB&#8217;s entrance into Bank Windu.
Bank Windu&#8217;s total outstanding loans declined to Rp 6.94 trillion as of end of March, compared to Rp 7.26 trillion in the corresponding period last year.
Bank Windu was established as a result of the merger undertaken in 2008 between PT Multicor Bank Tbk and PT Bank Windu Kentjana. Bank As of June 30, 2015. Bank Windu’s total assets stood at 10 trillion rupiah and it has 17 branches, 77 branch offices and 32 cash offices across the country.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/china-city-construction-to-redeem-dim-sum-debt-early-at-101-yuan-41742/" target="_blank">China Construction Bank may take controlling stake in Indonesia’s Bank Windu</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/maybank-indonesia-to-raise-174-m-from-bond-and-sukuk-38539/" target="_blank">Maybank Indonesia to raise $174m from bond, sukuk issues</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/indonesias-bank-ina-to-raise-11-4m-via-rights-issue-47469/" target="_blank">Indonesia’s Bank Ina to raise $11.4m via rights issue</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/indonesia-bri-to-launch-own-satellite-next-week-duta-intidaya-eyes-6-6m-from-ipo-entering-e-commerce-42816/" target="_blank">Indonesia: Bank Rakyat to launch satellite, Duta Intidaya taps IPO to raise $6.6m</a>

Indonesia: Bank Windu to close merger with Bank Anda in October 

Indonesia: Bank Windu to close merger with Bank Anda in October

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Indonesia: Bank Windu to close merger with Bank Anda in October

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief