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(recast) Indonesia's state bank plans to expand business to T. Leste

Xinhua, April 13, 2016 Adjust font size:

Indonesia's second largest bank by asset, PT Bank Rakyat Indonesia (BRI), will open a new branch in Timor Leste in an effort to expand business in the young nation, top official of the lender said here on Wednesday.

Asmawi Syam, president director of the state-owned lender said that the bank would establish an office at the center of business in the neighboring country, which has a huge potential for banking business.

"Its feasibility study is being made. It is certainly very profitable, he said at the headquarters of the state-owned oil and gas firm, PT Pertamina.

According to Muliaman Hadad, head of the Indonesian financial services authority, the bank may start opening the branch at the second quarter or the second half of this year.

PT Bank Rakyat Indonesia has a good reputation in distributing loans to small and medium business at remote areas in Indonesia.

The Indonesian financial services authority and Timor Leste central bank, Banco Central de Timor Leste have inked a deal on the opportunity for Indonesian banking industry to carry out business expansion in Timor Leste, according to Muiliaman.

Timor Leste had been under Indonesian rules for 24 years before it got independence in 2002. Since then both countries agreed to build economic ties and cooperate in other sectors. Enditem