CBA enters Jakarta

CBA enters Jakarta

SYDNEY (Reuter): The Commonwealth Bank of Australia said yesterday its PT Bank BII Commonwealth joint venture with BII, Indonesia's third largest private bank, had been granted an Indonesian operating license to offer a full range of banking services.

BII is Indonesia's third largest bank.

The Jakarta-based joint venture is capitalized at Rp 150 billion or about A$83 million, Commonwealth Bank said.

It said its initial customers would be Indonesian, Australian and multinational corporate and commercial clients.