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Bank Negara Indonesia mulls subsidiary in Malaysia

PT Bank Negara Indonesia (Persero) Tbk is considering the establishment of a subsidiary in Malaysia with the aim of strengthening its network in the neighboring country in the first half, Netralnews.com reported Feb. 3.

The bank's plan to set up a new unit came after the two countries signed an agreement on reciprocity-based banking business.

The bank is seeking cooperation from state lenders, including PT Bank Mandiri (Persero) Tbk and PT Bank Rakyat Indonesia (Persero) Tbk, to shore up its business capacity and efficiency, according to a same-day statement from Panji Irawan, the bank's director for treasury and international affairs.

The new unit will be locally incorporated and will not operate as a branch, the director added.