BII, Wahana Tata sign deal

BII, Wahana Tata sign deal

JAKARTA: Bank International Indonesia (BII) and insurance firm PT Asuransi Wahana Tata signed on Thursday an agreement in which the company would help cover the bank's business risk.

The insurance coverage would be wide-ranging, from potential losses resulting from financial fraud to fire and disasters, said Rudy Wanandi, the president of Asuransi Wahana Tata.

Meanwhile, Sigit Pramono, the president of BII, said that the deal with Asuransi Wahana Tata was part of ongoing efforts to promote good corporate governance within the bank.

In the past, BII exclusively appointed its affiliated insurance company to cover the bank's business risk. BII was founded by the Sinar Mas Group.

"It's a bad practice, and must be put to an end. We should give all capable insurance firms the equal opportunity to cover the bank's risks," said Sigit. -- JP