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Fitch assigns rating to Indonesia's Bank Banten

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Fitch assigns rating to Indonesia's Bank Banten

Fitch Ratings Indonesia assigned PT Bank Pembangunan Daerah Banten Tbk, or Bank Banten, a national long-term rating of A(idn), with a stable outlook.

The rating takes into account support for the bank from the provincial government of Banten, Indonesia, which owns a 51% stake, Fitch said. Bank Banten, a regional development bank, was established from the acquisition of PT Bank Pundi Tbk in 2016.

The rating agency also said Bank Banten plans to conduct a rights issue in the second half to raise 655 billion rupiah. The issue will be partly subscribed by the provincial government of Banten.

As of June 7, US$1 was equivalent to 13,905 Indonesian rupiah.