Indonesia privatizes Bank Rakyat Indonesia

Government sends out an RFP (Request for Proposals) for an IPO to raise up to $300 million.

The Indonesian government has taken the first steps in the privatization of the developing world's largest and some would say most successful microfinance institution, Bank Rakyat Indonesia BRI. A state bank since its foundation just over a century ago, BRI is known as the people's bank, with 78% of its deposit and lending base either retail or microcredit customers those with loans under $500.

Having never historically lent to large corporates, BRI did not suffer from the Asian financial crisis to the same extent as the rest of the Indonesian banking sector and as such, is likely to be regarded as one of the most enticing IPO prospects in the government's...

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