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Rival Bids Offered for Indonesian Bank - 2003-09-29

Several companies say they are considering buying a controlling stake in one of Indonesia's biggest banks - PT Bank Interasional Indonesia. On Monday, Singapore's United Overseas Bank said it had placed a preliminary bid for a majority stake in the bank.

Meanwhile, Singapore's government says a holding company it operates joined with a South Korean bank to offer a rival bid of about $300 million for the Indonesian bank. A news report says PT Bank Pan Indonesia is a third bidder for PT Bank Internasional.

The bids for Indonesia's sixth largest bank follow a bailout and restructuring of Indonesia's banking system which was badly hurt by the 1997 Asian financial crisis.