ANZ
(ASX:ANZ) will invest up to $110 million in Indonesia this year to further its Asian growth story.
The investment includes ANZ completing its acquisition of the Royal Bank of Scotland's retail and commercial businesses.
ANZ boss Mike Smith says Indonesia's economy proved resilient during the global downturn because of the government's management of the economy, its large domestic market and relatively low dependence on external trade.
Economic growth in Indonesia is expected to reach 5.6% this year.
Mr Smith says Indonesia's own strengths in natural resources and agriculture mean it’s well placed to benefit from Asia's continued growth, which ANZ expects to be around 7% in 2010, excluding Japan.
ANZ already has a banking presence in Indonesia.
ANZ’s 2009 net profit was $2.9 billion – that result down on the two years before.
