BNI to open branch in South Korea

Jakarta (ANTARA News) - Chairman of the Board of Commissioners of the Financial Service Authority (OJK) Muliaman D Hadad said state lender Bank Negara Indonesia (BNI) will soon open a branch in South Korea.

"The South Korean financial authority has granted the license for BNI to open a branch in Seoul," Muliaman D Hadad said here on Thursday.

He said the financial authorities of Indonesia and South Korea have agreed to cooperate in expanding capacity of supervision and exchange of information.

The license approval is reciprocal with both countries agreeing on mutual benefit.

Under the reciprocal agreement, South Koreas Bank Shinhan has been allowed to acquire 40 percent of Indonesias Bank Metro Express .(*)