British bank opens here

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)