Jakarta - Bank Kesawan recently announced the conclusion of the bank`s Rights Issue, and received rights issue fund of Rp 734 billion (US$ 73 million dollars), a press release received here on Friday stated.

"The fund increased the capital adequacy ratio (CAR) and reached 61,19 percent from previously 11.43 percent (unaudited as per year 2010 end). Under the current CAR, we will have more room to grow," said Gatot Siswoyo, President Director Bank Kesawan.

Post rights issue condition marks the beginning of Qatar National Bank (QNB) ownership in the Indonesian banking industry through Bank Kesawan. QNB is now the majority shareholder of the bank representing 69,59 percent of the shares. Other shareholders above 5 percent shares ownership are Adhi Tirta Mustika with 9,01 percent and other institutions and the public with 21,4 percent.

Gatot added that QNB presence will bring added value to the bank. QNB global experiences will enhance the bank`s performance. Transfer of knowledge in terms of banking technology, risk management and human resources quality will refer to global best practices. In the future Bank Kesawan will be stronger and in line with its vision to be a leader in its class.

As published earlier the funds raised from the rights issue will strengthen the bank`s capital base and enable Bank Kesawan to be more active in participating in the growing Indonesian economy and provides better services to its customers.

"Arqaam Capital acted as the exclusive financial adviser on this transaction, and has offered excellent service in facilitating Bank Kesawan looking for investors," said Gatot.

Established in 1913 as a local bank in Medan as The Chinese Trading Company Limited. Bank Kesawan later moved its head office to Jakarta in 1990 as a national player. The bank now operates 36 branches across Indonesia with total assets of approximately Rp2,5 trillion (US$270 million). The bank offers various consumer products, with Kesawan Savings as innovated one because it is combined with a bank insurance.

Bank Kesawan ATM network linked to Indonesian most wide network, ATM BERSAMA, which enables Bank Kesawan customers to access the bank from more than 17,000 ATM across the country.

Meanwhile, Qatar National Bank is the largest bank in Qatar with a market share approaching 40 percent of banking sector assets. QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.

QNB has the largest distribution network in Qatar, comprising 44 branches and offices (including 3 mobile branches), in addition to 12 Islamic branches and offices operated by QNB Al Islami, and more than 160 ATMs. Currently QNB is operating in 23 countries including branches in London, Paris, Yemen, Oman, Kuwait & Singapore as well as Representative Offices in Iran and Libya.