OCBC Planning to Open 20 More Branches in Indonesia
February 19, 2010
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The Oversea-Chinese Banking Corporation plans to open more branches in Indonesia, Malaysia and China, chief executive David Conner said on Friday. He said there would be about 20 new offices in Indonesia, five to six in China and four in Malaysia.
Last month, Fitch Ratings lifted the foreign debt rating of OCBC’s Indonesian arm, PT Bank OCBC NISP, to BB+ from BB, along with seven other Indonesian banks.
Fitch said the revision of the banks’ default ratings reflected their relatively resilient financial performances. Although loan quality deteriorated at most banks last year, the impact was contained in Indonesia, with lenders absorbing higher credit costs thanks to solid profits, the ratings agency added. JG
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Taking into consideration of Indonesia's surging economy, growing urbanisation, relative political stability, strong savings and income growth, co
