Indonesia Eximbank and BBVA sign a cooperation agreement to develop commercial exchanges between Indonesia and SpainMay 10, 2016
BBVA and Indonesia Eximbank signed a MoU, cooperation agreement which aims to offer their customers suitable and competitive financial tools in order to develop commercial exchanges between the Republic of Indonesia and the Kingdom of Spain.
The primary focus of the agreement will be correspondent banking and cross-border transactions. It will allow among other collaboration areas a multi-ECA cooperation scheme which will enable BBVA to finance Indonesian corporates through Indonesia Eximbank and further support European corporates willing to access the Indonesian market.
BBVA is the only Spanish bank with a real presence in the Indonesian Republic, which dates back to 2014, when a Representation Office was opened in Jakarta. Thus this agreement consolidates BBVA's activity in the Indonesian Republic by further promoting the identification of potential business transactions and commercial relations, the exchange of information on trade and business opportunities as well as the sharing of experiences on settlements, documentary business and trade, project finance, etc.
Carlos Gaston, BBVA's Chief Representative in Indonesia said: "Indonesia, the largest economy in South East Asia, offers great opportunities for our clients. This MOU will help us to serve them better in arranging the most suitable financial structures for their needs".
The agreement was signed by Mr Gonzalo Toraño, BBVA's CEO for Asia Pacific, and Mr Ngalim Sawega, Chairman and Chief Executive Officer of Indonesia Eximbank.