Indonesian financial services group MNC Kapital considers getting a majority stake in Bank ICB Bumiputera to expand its business units.

PT MNC Kapital Indonesia, the Indonesia financial services group, has announced plans to increase its holding in a local bank as part of an ongoing business expansion drive.

The bank wants to increase its 25 per cent stake in Bank ICB Bumiputera to 40 per cent this year, which will be funded through a planned INR1.5 trillion ($129.4 million) rights issue in June, the Jakarta Post writes. ICB Bumiputera is majority owned by Swiss firm ICB Group Holding, which owns 40 per cent. 

Should the acquisition be successful, MNC Kapital Indonesia will be able to expand its operations to six major business units, including asset management and banking services. At present, the company has four key divisions covering investment manager services, consumer financing, securities trading and other capital market activities, according to its website. 

"Once we've become the major shareholder and have got approval from the Financial Services Authority, we will rename the bank to MNC Bank," Darma Putra, president director of MNC Kapital, was quoted as saying.