Bank Rakyat Indonesia , the country's biggest lender by assets, plans to acquire two state financing firms and form a holding company, Finance Minister Sri Mulyani Indrawati said on Monday.
The government will maintain a small stake in the companies with a right to appoint their board of directors, she said. The minister said the holding company will allow BRI to provide cheaper source of funds for Pegadaian and PNM, but pledged BRI"will not cannibalise" their businesses."The transaction value is still being independently assessed by the public appraisal office," said Sri Mulyani.
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