51% of Multifinance Credit derived from Local Banks

51% of Multifinance Credit derived from Local Banks

IDR 44.57 trillion domestic banks loan allocated to multifinance equal with 51% from total credit of multifinance company in May 2008 with amount IDR 87.53 trillion.

Bank Indonesia data shows local banks loan grow 48,41% compared with same period last year which is IDR 30,03 trillion, meanwhile foreign banks credit had growth on 19,35% equal with IDR 31.69 trillion.

Beside, multifinance credit derived from non bank source had reach IDR 11.26 trillion or 13,62% increase from IDR 9.91 trillion.

For 1st semester 2008, some multifinance companies had raise its credit from local banks such as PT Buana Finance, PT Tunas Finance and PT Astra Sedaya Finance.

Eko Santoso Budianto PT Buana Finance president director said the company had secure IDR 500 billion credit facility from NISP bank and IDR 50 billion from Lippo Bank.

The company also plan to secure IDR 100 billion credit from two others local banks and will be use to financing purpose which targeted at IDR 1.6 trillion untill the end of 2008.

The financing composition are 70% for heavy equipment and 30% for consumer segment.

Halim Gunadi PT Tunas Finance president director said the company had secure IDR 450 billion credit from PT Bank Negara Indonesia (BNI) to support its IDR 2.4 trillion financing business.

PT Tunas early this year had secure credit from Bukopin bank and plan to secure another credit from BCA bank.

Meanwhile, Benny Tjoeng PT Astra Finance president director said the company had secure IDR 1 trillion credit from BNI in joint financing scheme.

For PT Astra Finance, credit from local banks still a prime sources to fulfill its IDR 12.5 trillion financing need.

Moreover, after subprime mortgage crisis in US, some banks abroad had impose premium interest rate for borrower from developing countries and its also affect Indonesian borrower.

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