First Union enters RI

First Union enters RI

CHARLOTTE, North Carolina (Reuter): First Union Corp said Wednesday it had opened a representative office in Jakarta as part of its strategy to serve banks in developing countries with strong trade and payment flows to the United States.

The bank said in a statement it had also received local government approval to open representative offices in Istanbul and Cairo.

"Each of these markets continues to show good economic progress and strong growth in trade, and we look forward to expanding capabilities in these important regions," it said.

The offices are to facilitate trade for its domestic client base and serve as business development and service centers for local financial institution customers, said the bank.