Barclays completes acquisition of Bank Akita

JAKARTA-
UK-based Barclays has completed the acquisition of Bank Akita, which was announced initially in September 2008, following the approval of the Central Bank of Indonesia.
Barclays said that Akita will form part of Barclays global retail and commercial banking (GRCB) emerging markets business.

Barclays intends to rebrand Akita as Barclays Bank Indonesia, at an appropriate date, subject to the necessary approvals.

Following the acquisition, and subject to regulatory approval, Samir Gupta has been nominated as the managing director of Barclays Bank Indonesia and will report to Ahmed Khan, CEO of Barclays GRCB emerging markets. Prior to this appointment, Mr Gupta held the position of retail director for Barclays GRCB emerging markets.

Mr Khan said: "The acquisition of Akita is an excellent fit with Barclays strategy of increasing its presence, over time, in emerging markets with good growth characteristics. Indonesia is a very attractive market, with the fourth largest population in the world, strong economic growth and a low penetration of banking products. It is an exciting opportunity, not just for Barclays, but for the Indonesian consumer who will have access to the global scale and skills of one of the world's leading universal banks."