ANZ to expand presence in Indonesia; eyes organic growth
PT ANZ Panin Bank, a unit of Australia & New Zealand Banking Group, plans to expand in Indonesia and Asia as a fundamental part of its growth strategy, executives said, Dow Jones reported. Indonesia is a high priority in ANZ's push to become a super-regional bank and generate 20% of its revenue from Asian operations by 2012, they said.
"Over the next four years, we plan to have 40 to 44 branches spread over six cities in Indonesia," ANZ Panin president director Joseph Abraham said on the sidelines of the launch of the bank's new tower in Jakarta.
ANZ chief executive Michael Smith told media and industry officials at the event that Indonesia is "one of our highest priority countries." With the addition of the new flagship Jakarta branch, ANZ Panin now has three branches in Indonesia.
ANZ Panin focuses on the premier retail and corporate banking sectors.
Smith said ANZ plans to "deepen its partnership" with Panin, but declined to elaborate on whether that means acquiring more shares in Panin.
ANZ owns 30% of Panin Bank and 85% of ANZ Panin Bank. Panin Bank owns the remaining 15% of ANZ Panin Bank.
ANZ has spent over $2 billion in Indonesia in the last three years, Smith said. The executives declined to comment on how much ANZ will invest in Indonesia in the future.
Smith noted that financial services are growing at 2.5 times the growth rate of gross domestic products in Asia.
"Over the next four years, we plan to have 40 to 44 branches spread over six cities in Indonesia," ANZ Panin president director Joseph Abraham said on the sidelines of the launch of the bank's new tower in Jakarta.
ANZ chief executive Michael Smith told media and industry officials at the event that Indonesia is "one of our highest priority countries." With the addition of the new flagship Jakarta branch, ANZ Panin now has three branches in Indonesia.
ANZ Panin focuses on the premier retail and corporate banking sectors.
Smith said ANZ plans to "deepen its partnership" with Panin, but declined to elaborate on whether that means acquiring more shares in Panin.
ANZ owns 30% of Panin Bank and 85% of ANZ Panin Bank. Panin Bank owns the remaining 15% of ANZ Panin Bank.
ANZ has spent over $2 billion in Indonesia in the last three years, Smith said. The executives declined to comment on how much ANZ will invest in Indonesia in the future.
Smith noted that financial services are growing at 2.5 times the growth rate of gross domestic products in Asia.