Maybank sees a long term future in Indonesia
Malayan Banking Bhd (Maybank) says it intends to stay in Indonesia for the long term, as it continues to invest and open new branches across the country every week. The company says its strategy is part of its commitment to the Asean region, of which Indonesia is a major and vital component. It acquired Bank International Indonesia (BII) in 2008 for RM 7.9 billion (US$2.56 billion) and now has 294 branches (up from 250 a year ago) with a two-year target of 450.
Maybank is (rightfully) ignoring a current smattering of anti-Malaysian sentiment in Indonesia, caused by a marine territorial dispute, which saw protests by nationalist groups against some Malaysian-owned businesses, including banks. President and CEO Abdul Wahid said the protests were minor and would not deter long-term investors.
source & article: Business Times
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