Sewu opens more branches

JAKARTA (JP): Bank Sewu will increase its number of branches to 19 this year.

Sewu's president, Lanny Angkosubroto, launched yesterday a package of consumer loans for housing, cars, motorcycles and hand phones.

She said consumer financing would increase from zero percent to 10 percent of the bank's total lending portfolio by the end of the year. At that time total lending is expected to be worth Rp 500 billion (US$206.6 million).

The bank had total asset of Rp 440 billion as of the end of last year, with an asset weighted capital adequacy ratio of 10 percent and loan to deposit ratio of 89 percent. (rid)