PT Bank Rakyat Indonesia (Persero) Tbk plans to issue 20 trillion Indonesian rupiah of bonds in a bid, Xinhua News Agency reported, citing an executive of the bank.

The bank's financial director, Haru Koesmahargyo, reportedly said issuance of the bonds will happen gradually and will start in the first semester of 2019, continuing through 2021.

The first and second phases of the issuance amount to 8 trillion Indonesian rupiah each, while the third one amounts to 4 trillion Indonesian rupiah, according to the report.

The issuance of the bonds will support business expansion plans for the next three years. Proceeds will be used to acquire a general insurance firm, Koesmahargyo said, according to the report.

As of Jan. 3, US$1 was equivalent to 14,386 Indonesian rupiah.