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OCBC NISP EYES RP 3T IN 2014 BOND SALE

Posted on February 06, 2014 on 06:58:36 WIB

OCBC NISP Bank, one of the country’s top 10 largest lenders, plans to raise Rp 3 trillion ($247 million) by selling bonds in the first half of next year to help boost its lending activities. “Yes, we are open to sell the bonds,” Parwati Surjaudaja, president director of OCBC NISP, the Indonesian unit of Singapore-listed Oversea-Chinese Banking Corp., said on Monday. “The debt sale could happen in the first or second quarter next year, depending on market conditions.” The debt sale is a part of the lender’s plan to raise Rp 6 trillion from selling bonds within two years. It raised Rp 3 trillion from selling the notes earlier this year. Parwati said proceeds from the bond sale would be used to boost lending activities next year. It is also intended to lift the lender’s capital adequacy ratio (CAR) to around 18 percent. The lender just raised Rp 3.5 trillion from selling shares in a limited public offering in September this year. Many Indonesian lenders and companies are turning to the financial market to tap funds to finance their various investment plans in Southeast Asia’s largest economy. Indonesia’s $900 billion economy is forecast to expand by 5.8 percent next year, according to data from the government. Parwati, though, did not disclose the terms of the bond sale, including the tenor and coupon. Bank OCBC NISP, formerly known as Bank NISP, focuses on lending to small- and medium-sized companies. It reported a 28 percent increase in net income to Rp 838 billion in the first nine months of this year, compared to Rp 656 billion in the corresponding period of last year. According to Parwati, the bank targets its lending to grow between 15 percent and 20 percent next year, roughly in line with the broader industry average of between 15 percent and 17 percent. Parwati estimated that this year’s lending growth would slow to between 15 percent and 20 percent, lower than its initial target of between 20 percent and 30 percent lending growth. OCBC NISP is one of the 120 commercial lenders operating in Indonesia. It is 85.08 percent controlled by OCBC Overseas Investments. The Singapore-based OCBC bank bought control of Bank NISP more than five years ago. Shares of Bank OCBC NISP closed unchanged at Rp 1,230 on Monday, compared with a 0.1 percent fall in the main stock gauge.


Source: Jakarta Globe, 24 December 2013

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