PT Bank Danamon Indonesia Tbk appointed two new directors and raised its dividend for the year ended Dec. 31, 2017.
The bank said March 20 that it appointed Yasushi Itagaki and Dadi Budiana as new directors. Itagaki is a managing executive officer and deputy CEO of the global business unit of Bank of Tokyo-Mitsubishi UFJ Ltd. Budiana is the chief credit officer of Bank Danamon Indonesia.
Meanwhile, the bank said Vera Eve Lim resigned as a director.
The bank also said it declared a dividend of 134.44 rupiah per share, up from the prior-year dividend of 97.48 rupiah per share.
In addition, Bank Danamon Indonesia's shareholders approved Bank of Tokyo-Mitsubishi's proposed acquisition of the bank's shares. Under an agreement signed in December 2017, the Japanese bank is seeking to acquire a 73.8% stake in the Indonesian lender through a three-step plan. It completed the first step involving the acquisition of a 19.9% stake in late December 2017.
Bank of Tokyo-Mitsubishi is a unit of Mitsubishi UFJ Financial Group Inc.
As of March 20, US$1 was equivalent to 13,759 Indonesian rupiah.