Indonesia’s state-owned lender Bank Negara Indonesia (BNI) is eyeing expansion in South Korea and Myanmar.
Go deeper with GlobalData
The bank has proposed a full branch in South Korea, and a representative office in Myanmar, reports The Jakarta Post.
The state-owned lender hopes to get the go-ahead for its expansion plans in these regions from the financial regulators of these two countries this year.
BNI president director Gatot Suwondo said: "We will try to bridge investors and customers as well as other kinds of businesses, such as remittance from Indonesian migrant workers in South Korea."
BNI senior vice president and head of international banking Abdullah Firman Wibowo said: "We will start our South Korean future branch with a minimalist office, but we can also establish a Korean desk in Jakarta if needed to support the overseas office, just like our Japan desk over the last two years."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataWibowo added that the bank would allocate a certain amount of funds as the minimum paid-up capital required by South Korea’s banking regulator, though the value would be based on the amount of business of its future office there.
"We do not know yet about Myanmar’s capital requirement to open a subsidiary there, because its parliament has yet to complete various new laws. Myanmar’s financial regulator is also in the process of translating our legal documents," said Suwondo.
