From Asia Times

HSBC Indonesia gets capital injection

JAKARTA - The Hong Kong and Shanghai Banking Corp Ltd (HSBC) has given a capital injection of US$300 million to HSBC Indonesia to support expansion plans by its Indonesian unit.

HSBC sees good prospects in Indonesia's business, which promises potential growth in the future, the chairperson of HSBC Asia Pacific Vincent Cheng said.

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The capital injection is expected to boost networks and credit expansion by HBC in the country, Vincent said.

The Chief Executive Officer of HSBC Indonesia, Richard McHowat, said that fast expansion had been recorded in the HSBC credit card business,.

Four years ago, it had issued only 10,000 credit cards but the number has shot up to 800,000 at present.

McHowat said that HSBC Indonesia planned to increase the number of its branch offices to 50 from 13 at present in the next three years.

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