BBL expects to boost Mashill's operations<\/p>\n
JAKARTA (JP): Belgium's Bank Brussels Lambert (BBL) said
\nyesterday its newly formed strategic alliance with Bank Mashill
\nwould boost the retail banking and credit card services of its
\nIndonesian partner.<\/p>\n
BBL's chief representative in Indonesia, Erik Versavel, said
\nhis bank would help Bank Mashill compete in the fast growing
\nretail banking and credit card market.<\/p>\n
\"We have managed to compete in a very competitive market
\nglobally, and we believe that our alliance will form a strong
\nbanking synergy in the country,\" Versavel said.<\/p>\n
He said he was optimistic that the cooperation would add value
\nto Bank Mashill based on Brussels' technology edge and
\nexperienced management skill.<\/p>\n
He did not say what BBL's next project with Bank Mashill after
\nthe alliance would be.<\/p>\n
\"We are now in the process of assessing all the possibilities
\nof our synergy before we can take the next step,\" he said.<\/p>\n
\"We want to explore the capital market, retail banking, on
\nshore and offshore loans, trade finance, technology and
\nautomatization,\" he said.<\/p>\n
Last week, BBL, the third largest bank in Belgium, bought a 10
\npercent stake, or 18.5 million shares, in Bank Mashill.<\/p>\n
The purchase allows the Belgian bank to form a strategic
\nalliance with Bank Mashill.<\/p>\n
Versavel said the cooperation was part of the company's
\nexpansion of its networks in Asia.<\/p>\n
He said the bank chose Bank Mashill because of its strong
\nbusiness plan and management.<\/p>\n
The bank was recently ranked by InfoBank magazine as the
\ncountry's best bank, with assets over Rp 1.65 trillion
\n(US$676.22).<\/p>\n
Bank Mashill, listed on the Jakarta Stock Exchange, has a
\nnetwork of 35 branches in Indonesia's seven major cities.<\/p>\n
The bank focuses on financing the trade, industry, and
\nservice sectors. It also provides services such as motorcycle
\nloans, credit cards and home mortgages.<\/p>\n
Versavel said the growth and potential of Indonesia's gross
\ndomestic product, its population and the growth of the middle
\nclass prompted BBL's decision to expand its operation in the
\ncountry.<\/p>\n
Bank Brussels is one of the world's top 100 banks.<\/p>\n
Last year it booked a net profit of US$300 billion, up from
\nabout US$255 in 1995.<\/p>\n
The bank's assets rose to US$100 billion last year from about
\nUS$92.14 billion in 1995. (das)<\/p>",
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