Bank Korea Commercial Surya starts operation
Bank Korea Commercial Surya starts operation
JAKARTA (JP): Bank Korea Commercial Surya (BKCS), which is 80 percent owned by the Commercial Bank of Korea and 20 percent by the publicly-listed Bank Surya, started operations yesterday on the 16th floor of the Jakarta Stock Exchange Building.
The Commercial Bank's chairman and president, Jee Tae Chung, said the operation of BKCS, which has a paid-up capital of Rp 100 billion (US$43.6 million), will benefit the two countries businesspeople.
"Korea is now Indonesia's fourth biggest business partner," Chung said after the opening ceremony of BKCS's Jakarta office.
He said that as of last year, about 430 Korean businesspeople had established operations in Indonesia, with combined investments of $5.5 billion.
The opening ceremony of the BKCS office was led by South Korean Ambassador Min Hyung Ki, who was accompanied by Jee Tae Chung and Bambang Sutrisno of Bank Surya.
Chung noted that the two-way trade between Indonesia and Korea reached $5.3 billion last year.
"For sure, the bilateral trade and Korean investment in Indonesia will continue to expand," Chung added.
The 96-year-old Commercial Bank of Korea, with total assets of $45.4 billion, as of June, is the 172th largest bank in the world.
The bank operates 322 offices in South Korea, seven branch offices in New York, London, Tokyo, Osaka and Singapore, three representative offices in New York, one in Frankfurt and one in Hong Kong.
Bank Surya, which is controlled by tycoon Sudwikatmono, has total assets of over Rp 1 trillion as of June, up 19.52 percent from last year's total of Rp 861 billion.
The bank floated four million common shares, 16 percent of its total shares, to the public through the Jakarta and Surabaya stock exchanges in 1989.
Bank Surya, which currently operates 29 branch offices in Indonesia and one on Cook Island, booked after-tax profits of Rp 7.04 billion last year and before-tax profit of Rp 9.85 billion in the first semester of this year.
The management of the new Indonesian-Korean joint-venture bank is led by Kim Young Dae, assisted by Lee Yuong Ho, B. Budijanto Jahja and Choi Chang Young. (04)