Sanwa, Bank Bali to tie up

Sanwa, Bank Bali to tie up

TOKYO (AFP): Japan's Sanwa Bank Ltd. will tie up with five Asian banks including Indonesia's Bank Bali by sharing clients and consolidating transfers between their countries, a daily said yesterday.

Japan's major commercial bank has already signed a memorandum with the five banks, including Siam Commercial Bank Republic Co. Ltd. of Thailand and PT Bank Bali of Indonesia, the Nihon Keizai Shimbun said.

Under the accord, Sanwa will have its cash management system connected with the 1,000 offices belonging to the five banks in Thailand, Indonesia, Malaysia and the Philippines by March 1998, the business daily said.

Sanwa and the five Asian banks will share information on their clients, Nihon Keizai said.

Sanwa already has a strong relationship with the five banks in the form of capital participation and joint ventures, it said.