NISP to establish venture with OCBC<\/p>\n
JAKARTA (JP): Publicly-listed Bank NISP announced yesterday
\nthat it will set up a joint venture bank with Overseas Chinese
\nBanking Corporation (OCBC) of Singapore with a paid-up capital of
\nRp 150 billion (US$64 million).<\/p>\n
NISP has said it will take a 15 percent stake in the joint
\nventure, to be called PT Bank OCBC-NISP, while OCBC will hold the
\nother 85 percent.<\/p>\n
"The joint venture bank has received approval from the
\nMinistry of Finance and is expected to begin operation late this
\nyear," said a director of NISP, Pramukti Surjaudaja.<\/p>\n
Pramukti said that the partnership will create a synergy
\nbecause OCBC has a strong middle class customer base. On the
\nother side, NISP is well-positioned in retail banking.<\/p>\n
He said that the new bank, which will open its headquarters in
\nJakarta, would not affect the operation of another NISP venture,
\nBank Daiwa Perdania, because the two banks will target at
\ndifferent customers.<\/p>\n
Bank OCBC-NISP, according to Pramukti, will provide a full
\nrange of commercial banking services, with a particular emphasis
\non the wholesale and middle markets.<\/p>\n
Meanwhile, OCBC said in statement as quoted by Reuters from
\nSingapore yesterday, that it would have management control of the
\nbank, which would seek to facilitate trade and investment between
\nSingapore and Indonesia, and serve as an important link in OCBC's
\nnetwork of branches. (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/nisp-to-establish-venture-with-ocbc-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}