INDONESIAN INSURER MULLS BANK STAKE

INDONESIAN workers insurance company PT Jaminan Sosial Tenaga Kerja (Jamsostek) is mulling the opportunity to take a 10% stake in PT Bank Tabungan Negara (BTN), local reports suggest. The state bank is planning to embark on an initial public offering in November with the aim of raising Rp1.9trn to boost its working capital. The insurer’s president Hotbonar Sinaga has said the company did not want to buy the bank outright but might be interested in acquiring a stake.