ICBC opens Jakarta office

ICBC opens Jakarta office

TAIPEI (Dow Jones): International Commercial Bank of China,
one of Taiwan's largest state-controlled banks, will establish a
representative office in Jakarta to help promote bilateral trade
between the two countries.

The representative office could eventually become a full-
fledged branch, ICBC said. The bank has already received approval
for an operating license from the Indonesian Ministry of Finance.

ICBC, whose last chairman was current Central Bank of China
Governor Perng Fai-nan, said the Jakarta-based office would
provide financial services to Taiwanese investors in Indonesia
and support and encourage Taiwanese businessmen to carry out
investment projects in line with the government's "Southbound"
policy.

In an effort to minimize Taiwan's economic reliance on China,
the government is encouraging local companies to "go South" into
countries such as Malaysia, Indonesia and Thailand.