Indonesia's BRI bank wins regional award for raising $1 bil.
SINGAPORE, NNA - Indonesia's state-owned bank PT Bank Rakyat Indonesia Tbk (BRI) has clinched a regional award for successfully raising $1 billion in funds despite challenging conditions in 2020.
The funds were resourcefully sourced from a total of 10 global institutions from Asia, Europe and America.
Called the 'Syndicated Financial Institution Deal of the Year', the award was given by the Asia Pacific Loan Market Association (APLMA), whose members actively participate in the loan market across the region.
In a statement issued on April 21, the bank, one of the largest in Indonesia, said the funds will strengthen its liability structure and support the bank's business expansion.
"BRI's success has proven its ability to seize opportunities amid global uncertainties throughout 2020 leading to profitable growth," it said.
Listiarini Dewajanti, senior executive vice president of treasury and global service of BRI, said, "This award is the international financial market's acknowledgement of BRI's role as a global bank. We hope this award will set a new benchmark in Indonesia and boost investor confidence to establish a more sustainable and profitable business model."
In 2020, BRI's treasury business focused on increasing revenue and market share through activities in the securities market and foreign exchange transactions. As a result, the bank's treasury business successfully improved revenue by 138.71 percent year-on-year.
Apart from providing deposits with efficient interest rates, BRI's treasury business has actively raised funding to support the bank's business expansion.
BRI has also been recognized in the securities arena. It was named the 'Best Primary Dealer' for three consecutive years since 2017 by the country's finance ministry.
Currently, BRI is actively helping to manage the national economic recovery fund which assists Indonesia's MSMEs (micro, small, medium enterprises) sector which has been hard hit by the COVID-19 pandemic since last year.
Listiarini said the bank aims to help the small and medium businesses regain growth by as much as 85 percent while continuing to support bigger enterprises to achieve positive growth.
Another of BRI's notable achievements is winning the 'Best Sustainability Bond' award given by The Asset Hong Kong. The award recognizes its fundraising activities and the issuance of sustainability bonds in 2019.
The bonds, the first sustainability bonds to be issued by a state-owned company, were oversubscribed by over eight times the nominal issuance.
BRI has more than 7,000 branches spread all over Indonesia archipelago.
Its Singapore branch, which was established in 2015, is active in lending activities to Singapore and Indonesia-related companies. It does not offer retail banking services in the city-state.