KUALA LUMPUR (Nov 24): Public Bank Bhd has entered into a non-exclusive business collaboration memorandum of understanding with Indonesia's PT Bank Central Asia Tbk.

According to a joint media statement today, Public Bank and Bank Central Asia said the primary objective of the business collaboration was to leverage upon the respective strength, expertise and network of both banks.

“The business collaboration between Public Bank and Bank Central Asia will strengthen the banking services support to the existing and new customers of both banks, not just in Malaysia and Indonesia, but also in countries and locations where both banks have presence of operations,” the statement said.

Public Bank and Bank Central Asia also noted the collaboration would enable their respective affiliates to build deeper business relationship, and promote banking products and services in Malaysia and Indonesia.

The list includes cross-border trade settlement, remittance clearance services, and referrals and offshore banking services.

"With the advent of the ASEAN Economic Community (AEC), ASEAN countries are expected to experience greater mobility of goods, services, investments and people.

"Banking services are envisaged to be pivotal in support of the ASEAN blueprint," the statement said.