More Chinese financial firms expected to invest

A number of Chinese financial companies and banks are expected to open more branches in Indonesia this year, paving the way for closer financial cooperation between the two countries, Indonesian Ambassador to China Sudrajat said Thursday (3/1/08), Asia Pulse reported.

"At the moment Chinese companies are aggressively expanding their businesses, including in the financial sector. As a matter of fact, a number of Chinese financial companies have acquired Indonesian companies and have invested in Indonesia," he said.

The Industrial and Commercial Bank of China Limited (ICBC) had already opened a branch in Indonesia last year and more Chinese banks were expected to follow suit.

"I think there will be an upsurge in Chinese investment in the Indonesian financial and banking sectors," he said.

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