Although it has received additional commitments of capital loan from Para Group, PT North Sulawesi Regional Development Bank (Bank Sulut) still plans to carry out an IPO (initial public offering / IPO) in 2012. Director of Bank of North Sulawesi Jeffry Wurangian said IPO plans still included in the company`s plan for next year. "As planned IPO is next year but we do not know whether the plan can be realized," he said at the House Bank Indonesia (BI), Jakarta. According to Jeffry, plans of IPO is a part of the target company`s for capital increase to Rp 1 trillion in 2014. "It`s like what we proclaimed in BPD regional champion. To be competitive, local banks must have strong capital," he said. Earlier in the meeting of the shareholders` extraordinary general (EGM) approved the addition of Bank of North Sulawesi capital of Para Group through Mega Corpora by 30% of the total paid-in capital is recorded at this time amounting to Rp198 Million. "It`s not easy to convince Mr. Chairul (Chairman of the Group) to increase the Bank`s capital of North Sulawesi. We are negotiating about 1-2 years," said Jeffry. Although Para Group is now a shareholder, Jeffry guarantee  the company will remain the property of the provincial and regency / city in North Sulawesi. He mentioned there is a clause that has made ??the shareholders that para Group should not become the controlling shareholder. "He`s locked to be number two with restrictions on the percentage of stock ownership," he concluded. Currently North Sulawesi provincial government became the controlling shareholder with 49.35% ownership. While the second largest shareholder is Boalemo Regency has its share of 7.3% stake. When injected capital of about 30%, then the Group will overtake Regency Boalemo as the second largest shareholder. Current shareholders of the Bank of North Sulawesi consists of 16 parties, which consist of two provincial government and the rest is the regency / cities