HSBC, Lippo join forces

HSBC, Lippo join forces

JAKARTA (JP): The Hong Kong and Shanghai Banking Corporation
(HSBC) has agreed with LippoBank to cooperate in corporate
banking service, allowing HSBC customers to have access to
LippoBank's nationwide branch network.

"With this agreement, HSBC's corporate customers will benefit
by having access to LippoBank's extensive branch network to
perform banking transactions, allowing for better control over
their fund movement," HSBC Indonesia deputy chief executive
officer Alastair J. Bryce said.

Under the agreement, Bryce explained, LippoBank would transmit
transaction information directly to HSBC on a daily basis.

LippoBank president Ian B. Clyne said through the alliance,
LippoBank would be able to cultivate product knowledge sharing
with HSBC, increase its fee-based income as well as volume
growth. (jsk)