IBRA finally sells Lippo Bank

Indonesia''s great bank sell off draws towards a close.

With only a month to go before it is to be officially wound up, IBRA has sold its fifth bank stake and now retains only a 71% stake in Indonesia's 13th largest lender, Bank Permata. IBRA had a five year mandate to sell its stakes in the banks and with the sale of Lippo Bank its mission is almost fulfilled.

IBRA will raise $144 million from the sale of 52% to the Swiss Asia Consortium. ING advised IBRA and Swiss Asia was advised by Steve Simpson's Triton Advisors.

The price paid at Rp591.5 a share matched IBRA's stated goal of obtaining a floor price that equalled the bank's 2002 book...

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