JAKARTA -- Indonesia's second-largest lender by assets, Bank Rakyat Indonesia, said on Thursday it wants to expand its shariah-compliant business with an initial public offering of subsidiary BRI Syariah, planned for early May.
BRI is targeting at least 1.3 trillion rupiah ($94.4 million) from the sale of 27% stake in the shariah unit, with 80% of the proceeds to be used to increase shariah financing for customers, and the rest to support digitization and upgrade branch offices. BRI is conducting a domestic roadshow for the IPO until April 20.
