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.