Indonesian banker named CEO of country’s new sovereign wealth fund

JAKARTA – Indonesian President Joko Widodo has named the chief executive of Bank Permata, Ridha DM Wirakusumah, as the chief executive of the country’s new sovereign fund, CNBC Indonesia reported on Tuesday (Feb 16), citing sources.

The appointment will be formally announced later today, the news outlet said.

The president’s office did not immediately respond to a request for comment, while a spokesperson at the state-owned enterprises ministry declined to comment.

Mr Wirakusumah could not immediately be reached for comment.

The government has not announced a launch date for the sovereign fund, named the Indonesia Investment Authority.

It has set a US$20 billion (S$26.4 billion) for the fund’s size, including its commitment to seed the fund with US$5 billion in cash, state company shares and other assets.

According to Bank Permata’s website, Mr Wirakusumah has been at the lender since December 2016 and he previously worked for DNB Consulting and Investments, private equity group KKR & Co, American International Group and Citibank.

A banking publication named Mr Wirakusumah the country’s banker of the year in 2020 for his role helping Bank Permata turn around a high non-performing loan levels to a relatively healthier financial position.

Bangkok Bank bought a controlling share in Bank Permata from Standard Chartered and Astra International in late 2019 for about US$2.7 billion.

Jokowi, as the president is the popularly known, will also announce the board of directors for the sovereign fund, which will include Citi Indonesia’s risk manager Marita Alisjahbana and former chief financial officer of state energy firm Pertamina Arief Budiman.

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