JAKARTA: Indonesian-based PT Bank Victoria International Tbk. is currently conducting due diligence with a view to acquiring a 99.8 percent stake in Bank Swaguna shares.
"After the acquisition, we will transform Swaguna into a sharia-based bank," Victoria director Tamunan Kiting was quoted as saying Friday by Business Indonesia.
As of the end of October 2006, there were only three full sharia banks and 19 conventional banks with special units providing sharia banking services in Indonesia.
Tamunan said Victoria wanted to increase Swaguna's capital to Rp 80 billion (US$8.8 million) by the end of this year to meet the central bank's capital requirements.
As of September 2006, Swaguna's assets stood at Rp 70.4 billion, including capital of Rp 21.63 billion.
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