RI, KL banks tie up

RI, KL banks tie up

JAKARTA (JP): Bank of Commerce (M) Berhad of Malaysia and PT
Bank Danamon of Indonesia have signed a memorandum of
understanding in Kuala Lumpur to establish an arrangement for
cross-border remittance of funds between the two countries.

Under the agreement, signed earlier this week and arranged by
Schroders Malaysia (L) Berhad and PT Schroders Indonesia, the two
banks launched a joint product named Primaberkat, aimed at making
it easier for Indonesian workers in Malaysia to transfer their
money home to Indonesia.

The two banks said in a joint statement sent to The Jakarta
Post yesterday that the number of Indonesian workers in Malaysia
currently stands at one million. (kod)