Bank Jabar to use bond sale proceeds for expansion

Bank Jabar Banten is relying on a major bond sale in January to help it expand its lending business.

Proceeds from the sale, expected to bring in US$222 million, will boost the Bandung- based company’s consumer-sector lending, especially to small- and medium-sized business.

The bank expects its lending to grow 25 percent next year from an estimated 22 percent this year, Agus Ruswendi, president director of Bank Jabar, said.