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)