Here's how we do it

The Jakarta Post, Tue, 03/24/2009 12:55 PM

Australia and New Zealand Banking Group Ltd. (ANZ) CEO for Asia Pacific Alex Thursby presents the bank's new global brand in Jakarta on Monday. Thursby said ANZ was aiming to be the fourth largest bank in Indonesia by assets by 2012 through its stakes at Panin Bank and ANZ Panin Bank.

"Our retail banking and institutional banking at ANZ Panin has a very clear direction... We own 38 percent of Panin, and as you know they are the *number* seven bank in Indonesia. We believe the two, which go in harmony, will allow us to get to our strategic intent of being, as a banking group, the *number* four player in Indonesia," he said.

ANZ Panin is 85 percent owned by ANZ and 15 percent owned by Panin. ANZ also owns 38.3 percent of Panin.

Thursby also said although bad loans globally would rise this year, Indonesia was now in good position as companies here were "very much underleveraged".

JP/Aditya Suharmoko