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Bank of India (BOI) to buy an Indonesian bank

Bank of India (BOI) has decided to acquire 76% share holding of P T Bank Swadesi Tbk, of Indonesia. BOI has signed a conditional Sale Purchase Agreement for this purpose with the majority shareholders of P T Bank Swadesi Tbk. The acquisition will be completed after obtaining necessary confirmations from Bank Indonesia and Capital Market Regulators in Indonesia.

P T Bank Swadesi Tbk is in existence for 28 years and have 8 offices including 4 branches and a Forex license. Bank Swadesi has a market value of 20 million dollars and posted a profit of 11.7 billion rupiah (1.3 million dollar) last year.

The central bank of Indonesia expects about 40 percent of the nation's banks to be acquired by overseas companies or merged in the next four years. Nunbers are expected to be 70 to 80 by 2010, from the current 131. State Bank of India last year agreed to buy 76 percent of PT Bank IndoMonex.

For Bank of India, which has a representative office in Jakarta, the proposed purchase will be its first overseas acquisition. This acquisition is expected to enhance Bank’s international operations in Indonesia and will be a strategic fit in its global operations.

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