DBS Indonesia to focus on SMEs    
Industry News

Source : Cesar Tordesillas, Asian Banking & Finance

DBS Group of Singapore will cater to to small- and medium-sized enterprises in its plan of expanding in Indonesia.

It predicts the SME sector will expand by 18 percent in 2011.

“Small and medium enterprises are important pillars of the economy. SMEs are resistant against financial volatility. That’s why DBS Indonesia is very eager to tap SMEs,” Hendra Gunawan, president director of Bank DBS Indonesia, said on Thursday.

SME credit is new for the bank, which began offering such loans in March. It now has around 1,200 clients in the sector.

According to Jayanta Kumar Roy, head of SME Banking at DBS Indonesia, the bank aims to lend US$444 million by the end of this year.

“Seeing our progress in the last several months, this target is very achievable,” he stated.

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