ANZ Panin reopens credit card business<\/p>\n
JAKARTA (JP): ANZ Panin Bank, in cooperation with Visa Card
\nInternational, relaunched its credit card operation on Tuesday
\ntwo years after the financial crisis put an abrupt end to the
\ninitial launch.<\/p>\n
The operation will use the credit card facility ANZ Panin
\nacquired from the liquidated Bank Papan Sejahtera.<\/p>\n
"I am very optimistic about the future of the Indonesian
\neconomy, which is showing positive signs of recovery," ANZ
\nBanking Group Limited managing director Charles V. Carbonaro
\nannounced.<\/p>\n
Australian-based ANZ Banking Group Ltd. owns 85 percent of the
\nequity in the foreign joint venture bank, with publicly listed
\nPanin Bank holding the remaining 15 percent.<\/p>\n
ANZ Panin acquired the credit card operation of Bank Papan
\nSejahtera from the Indonesian Bank Restructuring Agency in May
\nfor A$7 million (US$4.7 million). The operation has 47,000 credit
\ncard accounts.<\/p>\n
Carbonaro said the bank hoped to expand its credit card
\nbusiness as rapidly as possible, taking into account the recovery
\nof the Indonesian economy.<\/p>\n
"We are committed to becoming a leading card issuer in
\nIndonesia and we are looking forward to building on our customer
\nbase for future growth in cards and in other consumer banking
\nproducts," he said.<\/p>\n
The banking group will use its relationship with Panin Bank to
\nformulate a strategy to promote its products, he said.<\/p>\n
Carbonaro also said the group was studying the possibility of
\nintroducing a number of different services, including debit
\ncards, smart cards and electronic cash cards, within the next
\nthree to four years.<\/p>\n
Visa Executive Vice President of Southeast Asia and Greater
\nChina James G. Murray, who was present at the launching,
\nsaid that in the Asia Pacific, 20 percent of the people used
\npayment cards for transactions.<\/p>\n
In Indonesia, however, 96 percent of the people still use
\ncash, Murray said.<\/p>\n
"The trends that are happening across the region will happen
\nin Indonesia as well", he said, adding that Indonesia could
\nleapfrog other countries in the use of payment cards due to the
\ncountry's economic recovery and undeveloped payment
\ninfrastructure.<\/p>\n
The new trend in the payment card market is the use of the
\nInternet for business transactions, he said.<\/p>\n
While payment card usage in the real world increased by 15
\npercent to 20 percent each year, the increase on the Internet
\nwas 300 percent, he said.<\/p>\n
He predicted that in the Asia Pacific, Internet transactions
\nwould increase by between US$10 billion and $220 billion per year
\nover the next five years.<\/p>\n
Separately, ANZ Panin Bank president Ian Colley said the ANZ
\ngroup hoped to acquire 20 percent equity in Panin Bank within the
\nnext two months, to add to its current 4.9 percent holding.<\/p>\n
Panin is considered a healthy bank compared to most other
\nIndonesian banks, which are experiencing financial difficulties.
\nPanin is not among the candidates for the government's massive
\nbank recapitalization program.<\/p>\n
ANZ earlier said it was increasing its stake in Panin Bank as
\npart of its strategy to strengthen its presence in Indonesia's
\nbanking sector.(02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/anz-panin-reopens-credit-card-business-1447893297",
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"sponsor": "Okusi Associates",
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