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The ANZ Banking Group will change the name of its local operation from ANZ Panin Bank to Bank ANZ Indonesia to better reflect its ownership in the bank, it said on Thursday.

“The new name reflects the increase of ANZ Group shareholding in Bank ANZ Indonesia, as well as our strong and continued commitment to Indonesia and our customers’ growth,” Bank ANZ Indonesia chief executive Joseph Abraham said in a press statement.

ANZ Group owns 99 percent of the venture, following the capital injection totaling Rp 1.6 trillion from Australia’s third-largest lender.

The Melbourne-based lender had owned 85 percent in ANZ Panin Bank, while Bank Panin, the country’s seventh-largest lender by asset, owned the remaining stake.

Bank Indonesia, the country’s central bank, allows foreign investors to control up to 99 percent in a local lender.

To ensure a smooth transition, customers can continue using ANZ automatic teller machines and debit and credit cards until their expiration dates, Abraham said. ANZ Group, which first established its presence in Indonesia in 1973 as ANZ Grindlays, continued to deliver strong results, the statement said.

The name change was announced just days after Australian Foreign Minister Kevin Rudd urged companies in his country to invest in Indonesia.

Indonesia’s banking system will continue to benefit from accelerating economic growth and rising purchasing power by Indonesia this year, analysts and economist in Jakarta have said. The central bank forecasts the economy to grow 6.3 percent this year.