Bank Danamon, PNM sign deal

Bank Danamon, PNM sign deal

JAKARTA (JP): Publicly listed Bank Danamon signed an agreement
on Thursday with PT Permodalan Nasional Madani (PNM) to assist
the latter to provide loans to small and medium-sized companies
(SMEs).

Bank Danamon president Arwin Rasyid said that out of the
bank's projected Rp 5 trillion to 7 trillion (US$736.84 billion)
in new lending next year, 20 percent to 25 percent would be
allocated for SMEs.

PNM is a government sponsored company with a main mission to
develop SMEs and cooperatives.

Bank Danamon also signed an agreement with Principal
Indonesia, which will manage the pension fund of the bank's 9,000
employees. The initial size of the fund to be managed by
Principal would be around Rp 40 billion.

Principal Indonesia president Jeffrey Newnam said that the
company currently has around 200 customers in Indonesia with
total assets of around Rp 230 billion.

Newnam said assets was expected to double next year.(rei)