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Malaysia Khazanah says Lippo-Niaga merger going well

Mon May 19, 2008 11:35pm EDT

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KUALA LUMPUR, May 20 (Reuters) - The merger of two Indonesian banks, PT Bank Niaga (BNGA.JK) BNGA.KL and Bank Lippo LPBN.JK is going well, Malaysian state investment arm Khazanah Nasional managing director Azman Mokhtar said on Tuesday.

Khazanah indirectly owns a 93 percent stake in Lippo and has an indirect 64 percent share in Niaga through Bumiputra-Commerce BUCM.KL.

The merger of the two banks would be in line with Indonesian central bank plans to consolidate the country's 130 banks, which have total assets of around $200 billion, through mergers and acquisitions. (Reporting by Soo Ai Peng; Editing by Tomasz Janowski)



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