Citigroup, BII ink cooperation deal<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Global financial services company Citigroup and Indonesia's sixth
\nlargest bank, PT Bank Internasional Indonesia (BII), have agreed
\nto expand services to their customers by allowing them to
\ntransfer money to one another faster without the need for the
\nstandard inter-bank clearing process.<\/p>\n
The agreement was signed by Citigroup country officer Peter B.
\nElliot and BII president director Henry Ho on Tuesday.<\/p>\n
Elliott said the partnership would expand Citigroup's network
\nservices to customers, especially in areas where its branches
\nwere not available.<\/p>\n
\"Through BII's 250 branches across Indonesia, Citigroup
\ncustomers are able to meet their financial needs at any of BII's
\nbranches. This helps our customers to make payment and collection
\ntransactions easier,\" he said after the signing ceremony.<\/p>\n
Ho said the agreement also provided a good opportunity for the
\ntwo banking giants to sell corporate and banking services and
\nproducts to each other.<\/p>\n
Citigroup's local head of cash management product and sales
\nRudy Tandjung said the potential of \"cross-selling\" products and
\nservices was huge because his company had approximately 500
\ncustomers, mostly multinational firms, across the country.<\/p>\n
\"Each of them may be dealing with hundreds of suppliers and
\ndistributors. We hope to be able to tap into at least 10 percent
\nof them through this service,\" he said.<\/p>\n
BII director for corporate and commercial transactions Dira K
\nMochtar said that cross-selling would not only allow BII to offer
\nits lending products, but also to gain income from services.<\/p>\n
\"This could be one of our sources for fee-based income. In
\n2006, cash management is expected to be an engine for our fee-
\nbased income,\" Dira said.<\/p>\n
He added that through this strategic alliance with Citigroup,
\nBII would achieve this year's target to earn a net profit of
\nbetween Rp 800 billion (US$80.81 million) and Rp 900 billion.
\n(006)`<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/citigroup-bii-ink-cooperation-deal-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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