Jakarta plans to form holding firm for state banks by 2018

Jakarta

THE Indonesian government plans to form a holding company that will own shares in all of the country's state-controlled banks by 2018 in a bid to make lenders more efficient and boost equity, an official at the State-owned Enterprises Ministry said at a briefing on Tuesday.

Deputy Minister Gatot Trihargo said the government wants to set up an investment firm to work as the holding company for some of Indonesia's biggest banks. Among those involved will be Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia and Bank Tabungan Negara.