VIVAnews - Bank Indonesia finally liquidates Bank IFI after the request of capital increase to the bank was not carried out. The decision was announced today, April 17.
Here is the chronology of Bank IFI up until the its recent liquidation:
1955
A non-bank financial institution known by the Indonesia Finance and Investment Company is established.
February 1993
PT IFI changes into PT Bank IFI.
1 March 1998
The bank merges and is called Bank Asta. It results in more branch offices of the bank. The capital structure is quite solid.
2002
Bank Indonesia monitors the bank intensively because its non-performing loans are above five percent.
September 2008
The non-performing loans (NPL) of Bank IFI skyrockets and ruin its capital ratio. The NPL rises to 24 percent while its capital ratio is under eight percent.
September 2008
Bank Indonesia puts Bank IFI under special watch. Bank Indonesia obligates the share controller (holding 92 percent of shares) - PT Rahmaco Media Promosindo - to seek additional capital and investors.
2008
William Soeryadjaya family and Sabar Sitorus shortly take control of the bank owned by Bambang Rachmadi. However, Soeryadjaya family cancels the action.
15 April 2009
Bank IFI fails to increase its capital as required, that is, per 15 April 2008.
17 April 2009
Bank Indonesia announces the annulment of Bank IFI's business license because the bank is deemed non-systemic. The value of its asset is only 0.01 percent of total banking assets.
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Translated by: Bonardo Maulana Wahono
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