Bank Swadesi moves to capital

Bank Swadesi moves to capital

JAKARTA (JP): Bank Swadesi has moved its headquarters to the capital from Surabaya to further tap the growing business opportunities here.

The bank announced yesterday that the relocation of headquarters to Jakarta followed a sharp increase in the bank's activities in Jakarta during the last four years.

Bank Swadesi, established in 1968 as a secondary bank whose status was upgraded to that of a commercial bank in 1989, has operated as a foreign exchange bank since last October.

Last year, the bank increased its paid-up capital to Rp 20 billion (US$9.3 million), from Rp 9.99 billion, to improve its capital adequacy ratio to 17.12 percent, well-exceeding the central bank's prescribed minimum of eight percent.(hen)