Bankaltim Officially Changed Logo and Name to Bankaltimtara

Bankaltim officially changed the status of its legal entity from a local company or a regional-owned enterprise (BUMD) to a limited liability company (PT). Along with the change in the status of this legal entity, Bankaltim also changed its name and logo from Bankaltim to Bankaltimtara.

President Director of Bankaltimtara Zainuddin Fanani said, one of the main basis of the consideration changes the status of business entities and the name and logo of the company is Law no. 20 of 2012 on the Establishment of the Province of North Kalimantan and Law No.23 of 2014 on Regional Government, especially on Regional Companies.

"This rule states if a local company is owned by more than one local government should change the status of legal entity into a limited liability company," said Zainuddin Fanani.

His party is grateful, the process of change this legal entity can dolakukan smoothly and does not take long. Prior to the amendment of the legal entity it has obtained the principle approval from the Ministry of Home Affairs. From the local government as a shareholder, also had already made Regional Regulations that umbrella.

"The change in the name of this legal entity has been passed by a notary," said Zainuddin Fanani. He explained that the entity that has the authority to change the legal entity status from a local company to a limited liability company is the governor. Then, the governor issued a power of attorney to the board of directors and general meeting of shareholders (AGM) Bankaltim March 2017 and officially authorize the directors and supervisory board to change the form of legal entity from Bankaltim to Bankaltimtara.

Zainuddin explained that for the bookkeeping and financial reporting, the ending position of the balance sheet and profit and loss with the status as Bankaltim is closed as of October 31, 2017 and the following day, the new balance sheet and profit and loss under the name Bankaltimtara opened and commenced on 1 November 2017, followed by the first GMS on 3 November 2017 in Balikpapan.

The launching of new names and logos was made tonight at Grand Westin Hotel, Jakarta, followed by similar events in Samarinda and Tanjungselor cities, representing the provincial government city of Bankaltimtara majority shareholder.

"This new identity change also marks our gait in providing banking services that can not only be enjoyed by people in East Kalimantan and North Kalimantan, but also all Indonesian people," said Zainuddin Fanani.

"The new name and logic are expected to foster the spirit of change and spur self-confidence, pride and loyalty for human resources of the company," he added.

The working area of ​​Bankaltimtara currently covers the provinces of East Kalimantan and North Kalimantan totaling 129,066.64 km2 or 1.5 times the size of Java Island. Currently, Bankaltimtara branch offices are already present in 122 out of 153 sub-districts or 79.74% of sub-districts in East Kalimantan and North Kalimantan. "The target, until the end of 2018, Bankaltimtara can be present in all districts in both provinces.For the expansion, as long as the company experienced various challenges, especially geographical conditions that are not easy.

Muhammad Yamin, Operations Director of Bankaltimtara, said that after the establishment of Bankaltimtara's new name, the management will issue bonds in cooperation with MNC Sekuritas. The issued bonds are estimated at Rp 500 billion and the funds are allocated to support credit expansion.

Abdul Haris Sahilin, Corporate Secretary of Bankaltimtara said, until 31 October 2017, from 26 regional development banks (BPD) members of Asbanda whose status is still Regional Company, Bankaltim is the only BPD that still holds the status of SOEs.

"With the status change to be a limited liability company, then we officially become a commercial bank," he said. Bankaltimtara's asset position is in the sixth largest position among BPD-BPD Asbanda members as of December 2016. As of the end of September 2017, the bank's total assets reached 25.5 trillion. The main form of asset increase is the collection of third party funds as of September 2017 reached Rp 19.02 trillion. The loan portfolio reached Rp 14.14 trillion at the end of September 2017 with a gross profit of Rp 535.19 billion. For comparison, the company's gross profit per December 2016 is Rp 621 billion.

"With the new status as a limited liability company, Bankaltimtara's shareholding is now 100 percent held by all provincial and district governments in East Kalimantan and Kaltara and no shareholders from other entities," said Abdul Haris Sahilin.

The paid-up capital of Bankaltimtara was recorded at Rp 3.2 trillion and was ranked the 3rd highest paid-in capital among all BPD members of Asbanda. Meanwhile, the market share of financing in East Kalimantan and Kaltara is currently recorded 22 percent. The new financing distribution until the end of 2017 is targeted at Rp 15 trillion. (Hukor)