Rapid growth at ANZ Panin

ANZ's subsidiary in Indonesia is growing at a rapid rate. Some public relations for a new branch opening in Semarang, and reported by Bisnis Indonesia, show that ANZ's assets multiplied threefold over the course of a year.

Soewandy Anthony, director of retail banking, told local media that assets of ANZ Panin at the end of the first quarter of 2009 reached 14.6 trillion rupiah, up from 4.4 trillion a year ago.

Funds under management increased even faster, to 6.6 trillion rupiah at the end of the first quarter of 2009, up from 480 billion rupiah a year before.

"Growth is very urgent," Anthony told the newspaper (and using a machine translation from bahasa).

Semarang is one of six cities targeted by ANZ Panin for expansion as the bank pursues its plan to reach 50 branches by 2012 (up from only two this time last year).