JAKARTA: Indonesian banks PT Bank Niaga Tbk and PT Bank Lippo Tbk are to be merged into one entity, to be known as PT Bank CIMB Niaga Tbk, at a cost of RM8.6bil.
Khazanah Nasional Bhd managing director Datuk Azman Mokhtar said the merger plan was a major step for Khazanah in complying with Bank Indonesia’s single presence policy (SPP) ahead of the 2010 deadline.
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