Rabobank completes acquisition of two Indonesian banks

Jakarta (ANTARA News) - Rabobank of the Netherlands has completed the acquisition of PT Haga Bank and PT Bank Hagakita, Rabobank said.

Rabobank said it now owned 95 pct of each bank, while the founders of the banks, Anton Suleiman and Timoty Marnandus, owned the rest.

"We see this as a great opportunity to further build our franchise in food and agribusiness banking, the core sector of Rabobank's global strategy, " Antonio da Silva Costa, president of PT Bank Rabobank International Indonesia, told XFN Asia.

Bank Haga and Bank Hagakita both focus on serving small and medium-size businesses. They have combined staff of 1,659 and a network of 81 branches and sub-branches. The two banks had combined assets of 5.28 trln rupiah at the end of last year.