JAKARTA: Commonwealth Bank Indonesia provided IDR50 billion loans to PT. Astrido Finance for a period of 3 years.
Astrido Finance will use it for business development, Commonwealth Bank Indonesia President Director Tony Costa said.
“The loan distribution reflects our commitment to support Astrido business expansion and the bank focus in developing its wholesale banking,” he said Thursday (7/5/2012).
According to Director of Retail and Business Banking Commonwealth Bank Indonesia Ian Whitehead, such partnership with Astrido Finance will strengthen the bank’s portfolio in financing business.
Both companies had signed the loan agreement on June 29, 2012. The signing ceremony was attended by Senior Vice President Head of Automotive Value Chain Commonwealth Bank Indonesia Silvy Prihadi, Vice President Team Leader of Automotive Value Chain Commonwealth Bank Indonesia Arif Sariputra, and President Director Astrido Finance Edhi Moeljono.
Astrido Finance is a joint venture between Astrido Group dan PT ORIX Indonesia Finance.
Astrido Group is one of the leading authorized dealers in Indonesia for Toyota, Daihatsu and Isuzu.
As for PT ORIX Indonesia Finance is a subsidiary of Orix Japan, which focuses on heavy equipment and machinery leasing.
Meanwhile, Commonwealth Bank Indonesia is a subsidiary of Commonwealth Bank of Australia (CBA), the largest public financial institution in Australia, which has been operating in Indonesia since 1997. (T06/TW)