British bank opens here

JAKARTA (JP): Westmerchant Bank of Britain has opened a branch office here, hoping to expand its services in financing infrastructure projects and export activities in Indonesia.

"Our main business in Indonesia will be to finance infrastructure projects and export activities," Westmerchant Bank's chief executive officer, Patrick Macdougall, told the media here yesterday.

He said that his bank's total credits in Indonesia now stand at about US$500 million, mostly for projects such as the coal- fired steam power plant Paiton II in East Java.

He added, however, that his bank's activities worldwide are mainly financing capital market activities, mergers and acquisitions.

"We may get involved in the Jakarta capital market. But for now it's enough to let our branch office in Singapore cover that," said Macdougall. (13)