BNI Set to Penetrate ASEAN Market
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Bank Negara Indonesia (BNI) president director Achmad Baiquni said that state-owned lender BNI would expand its business in other Southeast Asian countries, in addition to Myanmar.
“There are some countries targeted by BNI, but we can’t reveal them yet, because it’s too early,” Baiquni told us during a tree-planting event at kilometer 59 of the Jakarta-Cikampek toll road on Saturday, March 26, 2016.
Baiquni added that the expansion plan would be executed based on existing business potentials. Myanmar was selected since other state-owned companies were expanding their business in the country.
“We have to follow our customers,” Baiquini explained.
Baiquni admitted that BNI had looked into the business potential in Myanmar. He also expected that the expansion plan would be realized this year.
BNI and Bank Mandiri are preparing to expand their businesses in the ASEAN market prior to Financial Services Authority’s agreement signings with Central Bank of Myanmar and Bank Negara Malaysia.
Questions & Answers
Q.Which specific countries, apart from Myanmar, is BNI considering for its expansion into the ASEAN market?
Which specific countries, apart from Myanmar, is BNI considering for its expansion into the ASEAN market?
The president director of BNI, Achmad Baiquni, stated that while there are other targeted countries, he could not reveal them yet. This is because it is still too early to announce those specific locations.
Q.When does BNI expect to carry out its expansion plans into the ASEAN market?
When does BNI expect to carry out its expansion plans into the ASEAN market?
BNI's president director, Achmad Baiquni, expressed his expectation that the expansion plan would be realised this year. This indicates a relatively immediate timeline for their market penetration.
Q.What is BNI's primary reason for choosing Myanmar as an initial country for its ASEAN expansion?
What is BNI's primary reason for choosing Myanmar as an initial country for its ASEAN expansion?
Myanmar was selected for expansion because other state-owned companies are already expanding their businesses there. BNI's strategy is to follow its existing customers into these new markets.
Q.What regulatory steps need to be completed before BNI and Bank Mandiri can expand into the ASEAN market?
What regulatory steps need to be completed before BNI and Bank Mandiri can expand into the ASEAN market?
Both BNI and Bank Mandiri are awaiting agreement signings with the Central Bank of Myanmar and Bank Negara Malaysia. These agreements with the Financial Services Authority are necessary before their expansion can proceed.