Lippo Invests in Philippine Bank Kompas, page 19, 2006-01-02
Group Lippo Indonesia, together with its local partners, will invest as much as three billion pesos, or US$ 56.5 million, in Export Industry Bank, a Philippine bank. However, the local partners and details on the investment schemes have not yet been revealed.
Before, Dow Jones Newswire has reported the Hongkong Stock Exchange temporarily halted the trading of Lippo Limited and Lippo China Resource Limited shares. The founder of Grup Lippo, Mochtar Riyadi, resigned his post as the Main Commissioner of Bank Lippo in March 2005. By February 29 2004, the Swissasia Global consortium became the majority shareholder of Bank Lippo (52.05 percent). Its shares were then taken over by Santubong Investment BV in 2005. Before, it owned only 4.88 percent of Bank Lippo’s shares. In October 2005, Santubong announced a tender for Bank Lippo’s shares up to 42 percent.
Lippo’s Profit Almost Doubles in First Quarter of 2005 www.mediaindo.co.id, 2005-04-08
PT Bank Lippo Tbk’s profit increased almost twice as much, or 94.3 percent, in the first quarter of 2005. The amount added up to Rp102 billion compared to the previous year’s amount of Rp.53 billion. Also in this quarter, the bank’s asset increased by 6 percent to Rp.27.6 trillion. In the same period of time in 2004, the bank’s total asset was Rp.26 trillion.
In the first quarter of 2005, the bank also recorded an increase in the people’s savings by Rp.1.1 billion, from Rp.23.3 trillion in 2004, to Rp.24.4 trillion. Other than that, the distributed credit in the first quarter of 2005 has also increased 25.9 percent to Rp.6 trillion, compared to last year’s Rp.4.8 trillion.
Meanwhile, Bank Lippo is encouraging the development of a bank cooperative as a new form of bank consolidation formed by BI.
