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CIMB Taps Into Japanese Clientele
The Jakarta Globe | December 23, 2011

Bank CIMB Niaga posted an almost 30 percent jump in net income in the first quarter, riding a boost in the gap between earnings from borrowers and interest paid to depositors. (Antara Photo) Bank CIMB Niaga posted an almost 30 percent jump in net income in the first quarter, riding a boost in the gap between earnings from borrowers and interest paid to depositors. (Antara Photo)
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Bank CIMB Niaga, Indonesia’s fifth-largest lender by assets, signed a “strategic alliance” on Friday with one of Japan’s biggest regional banks, Shizuoka.

The agreement enables CIMB Niaga “to facilitate the banking needs of customers of Shizuoka Bank who have been and will be operating in Indonesia,” CIMB Niaga’s president director, Arwin Rasyid, said in a statement.

Arwin said a growing number of Japanese companies based in the city of Shizuoka, including Yamaha Group and Suzuki Group, were expanding here.

“Many suppliers of those big groups have invested in Indonesia,” he said. “They need banking services in Indonesia to support their operations. This is the opportunity that Bank Niaga and Shizuoka Bank are grabbing.”

CIMB Niaga, which is 97.93 percent controlled by Malaysia’s CIMB Group, plans to collaborate more with the Japanese bank in the future, Arwin said, though he did not elaborate.

Katsunori Nakanishi, the chief executive of Shizuoka Bank, said he picked CIMB Niaga because it had a “Japanese desk that helps provide banking services to Japanese customers in Indonesia.”

In June, Suzuki announced plans to invest $800 million over the next few years to manufacture engines and develop new car prototypes in Indonesia.

Reuters reported in February that Yamaha Motor Corporation planned to build a plant near Jakarta with an investment of 10 billion yen ($128 million) to meet growing demand in Southeast Asia’s largest economy.

CIMB Niaga, which had assets of Rp 157 trillion ($17.27 billion) as of September, has 859 branches nationwide. Its shares fell 0.8 percent to Rp 1,210 on the Indonesia Stock Exchange (IDX) on Friday.

Shizuoka Bank has assets of $113.6 million, according to its March 2011 financial report.