JAKARTA-
The family of William Soeryadjaya is taking 99 per cent of Indonesian PT Bank IFI, re-entering the banking sector after 16 years.
The family stopped business in the banking sector when its bank, Summa Bank, collapsed in 1992 when non-performing credits forced it to sell its stake in Indonesia's largest automotive company PT Astra International, which the family founded.
The family formed a consortium with the family of Sabar Ganda Sitorus, a business tycoon from North Sumatra to take over Bank IFI, Bank Indonesia deputy governor Siti CH. Fadjrijah said.
Bank IFI director Agus Suyanto said shareholders in the bank agreed to sell their stake and the acquisition was being processed.
Sabar Sitorus told that the agreement was signed two weeks ago but the price was still being negotiated.
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