Ex-BofA Banker’s fund Eyes Bank Mutiara

A private equity fund launched by a former Bank of America Corp executive, has expressed interest in buying Indonesia’s state-owned PT Bank Mutiara for about $750 million, writes Reuters. The fund, Yawadwipa, formed by ex-Bank of America Corp mergers and acquisitions banker Chad Holm last year, plans to raise $1 billion to invest in Indonesia.

Reuters – A private equity fund launched by a former Bank of America Corp executive, has expressed interest in buying Indonesia’s state-owned PT Bank Mutiara Tbk for about $750 million.

The fund, Yawadwipa Companies, said in a statement on Monday it has formally communicated its interest in buying Mutiara either “with a well-capitalised institution committed to Indonesia or on a stand-alone basis.”

Yawadwipa, formed by ex-Bank of America Corp mergers and acquisitions banker Chad Holm last year, plans to raise $1 billion to invest in Indonesia.

Under Indonesian law Mutiara cannot be sold for less than the 6.7 trillion rupiah ($747 million) the government spent bailing out the lender at the height of the 2008 financial crisis.

The state deposit agency, which owns 99.9 percent of Mutiara, must sell the bank by 2013.

Chad Holm did not immediately return calls requesting comment.