Banking Update

Largest private lender Bank Central Asia (BBCA) plans to raise as much as US$36.5 million via the sale of subordinated notes, which are aimed at fulfilling the requirement set on the regulation of systematic important banks for a financial systems recovery plan.

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Conglomerates & Their Banks

MNC Bank (BABP), controlled by Hary Tanoesoedibjo, reported a 18% drop in assets, to Rp10.7 trillion in 2017, from Rp13 trillion in 2016, mainly due to falling deposits from third parties and other banks. Years of losses, meanwhile, cut further the bank’s equity to Rp1.25 trillion from Rp1.86 trillion in December 2016.

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