Free translation by Chief Representative of LBBW Jakarta, Mr Afifuddin Tengku, of the news about the cooperation agreement signing between BNI and LBBW during ADB Meeting in Bali stated in Investor Daily, dd May 4th 2009. Attached please find the original version:
BNI is expanding Trade Finance and Remittance Business
PT Bank Indonesia Tbk is cooperating with five international banks, Landesbank Baden-Wuerttemberg of Germany, Standard Chartered Bank and Commerzbank AG in export-import financing business, and with Bank of New York and Wachovia Bank in remittance business.
The cooperation between BNI and Landesbank Baden-Württemberg is focusing on the payment guarantee for the export import activities between Indonesia and Germany, and is using the banks network in facilitating the trade finance business, commercial payments, trade promotion and supporting the long term credit facility.
The director for the international and treasury department of BNI Bien Subiantoro has signed a Memorandum of Understanding together with Managing Director of Landesbank Baden-Württemberg, Dr. Peter A. Kaemmerer.
BNI has also signed agreements with Commerzbank AG in letter of credit transactions and the related business amounting to EURO 300 million, and with Standard Chartered Bank to support BNI to get more access in Asia, Africa and Middle East market.
Bien Subiantoro has explained that in the last couple of years the export-import transaction between Indonesia and Germany routed through BNI has reached about US$20 million per year. Through the agreement with the German banks, BNI is targeting to be able to facilitate the export-import financing up to US$100 million per year. Bien is optimist that the target will be achieved.
The Chief Representative of Landesbank Baden-Württemberg Afifuddin Tengku said, that this cooperation agreement has been made in order to further develop and accelerate the trade cooperation between the two countries: “the Indonesian corporations currently need the support from the banks in issuing Letter of Credits to support the export-import to and from Europe.”
Dr. Kaemmerer has said that the German corporate customers are interested in doing more business with Indonesia:” the cooperation of these two banks is expected to be able to boost more trade business volume among the two countries”
The CEO of SCB Indonesia said that the banks play a very important role to support the financial stability and business activities in the country.
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The text to the picture:
International cooperation
The president director of BNI Gatot M. Suwondo and the vice president director of BNI Felia Salim are watching the signing of cooperation agreement which is done by Treasury and International Director of BNI Bien Subiantoro and Managing Director of Landesbank Baden-Württemberg Dr. Peter A. Kaemmerer in Grand Hyatt, Nusa Dua, Bali. BNI cooperates with Landesbank Baden-Württemberg from Germany to make use of both bank’s networks to enhance business transaction in trade finance, commercial payments, trade promotion, and long term investment credit facility. Currently the volume of export-import transaction between Indonesia and Germany routed through BNI reached US$20 million per year. Through this agreement BNI is targeting the export-import transaction to reach US$ 100 million per year.
