BRI to boost trustee business by 20%

JAKARTA. State-owned lender Bank Rakyat Indonesia (BRI) hopes to boost its trustee business by 20 percent in 2015, supported by existing clients in the energy sector.

In a statement published on Thursday, BRI corporate secretary Budi Satria said BRI was upbeat about repeating the success it achieved last year.

The bank, according to its data, posted Rp 16.9 trillion (US$1.3 billion) in the amount of trustee assets that it managed in 2014, rising by two times from the previous year. Most of the assets were generated by operations in the oil and gas sector and its supporting businesses, the basic chemical, media and infrastructure sectors.

Budi said that with the potential offered by the operations, BRI was optimistic it would be able to book at least 20 percent growth to Rp 20.28 trillion in the asset amount by year-end.

It also expects its existing correspondent banks will help achieve this year’s target. “BRI already has partnership networks with 1,300 correspondent banks,” he said.