Indonesian bank in India

Indonesian bank in India

BOMBAY (AFP): Indonesia's Bank Internasional Indonesia (BII) plans to open a branch here by the end of March, the Economic Times newspaper said yesterday.

Bank chief executive officer Raghu Palat told the daily the Indonesian bank would offer corporate banking services as well as target the middle-class saving population, offering retail banking services as well.

The bank hoped to achieve a deposit base of up to US$156 million by March 31, 1997, he said, adding that BII would seek the government's permission to expand operations in India after its first branch here opened.

BII plans to capitalize on the expanding trade between India and Indonesia as well as exploit the growing potential for joint ventures between the two countries, the business daily added.

BII is a publicly-run bank with some 45 percent of its shares held by non-Indonesians, including large pension funds.

The Indonesian bank, set up in 1959, has 153 branches in Indonesia and branches in several other countries.