Bank Jabar plans to buy a majority stake in 51 rural banks this year to tap the potential of small and micro businesses.
Already Indonesia's biggest provincial lender, it is aiming to become a one-stop financial services bank and wants to expand into sharia banking, multifinance and insurance, according to Bank Jabar CEO Bien Subiantoro.
“The strategy is to become a majority (owner) in all 51 rural banks,” said Subiantoro, adding that Bank Jabar already holds a minority stake in several rural banks it wants to buy.
“We're waiting for the central bank's approval as most of the rural banks are not in a financially good condition but we wanted to use the bank's network to expand our micro loan business.”
Do you know more about this story? Contact us anonymously through this link.