J Trust Co Ltd has been selected as successful bidder by Indonesian Deposit Insurance Agency (LPS) for its shares in PT Bank Mutiara Tbk (BCIC). The company has on Friday (September 12) signed a conditional share sale and purchase agreement governing the transaction, exempted from the 40% cap on foreign ownership in commercial banks. LPS has the right to sell all of its interest in Bank Mutiara to J Trust Co Ltd under this exemption.

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