SOUTH TANGERANG, AUGUST 26, 2020 – PT BFI Finance Indonesia Tbk (BFI Finance) and state-owned PT Bank Rakyat Indonesia (Persero) Tbk (BRI) signed a cooperation agreement in motor vehicle credit service with limit of credit facility up to Rp1 trillion. The cooperation agreement was signed in Jakarta (August 26, 2020) by BFI Finance’s Finance Director & Corporate Secretary Sudjono and Handaru Sakti, BRI’s Executive Vice President Consumer Lending Sales and Development Division.
The credit facility cooperation has taken effect since 2010 with total cumulative limit of more than Rp3 trillion. “This cooperation agreement illustrates high trust toward BFI Finance from banking industry. This also proves that BFI Finance and BRI have maintained a good relationship for a long time until to date,” said Sudjono.
The time period for implementing this cooperation is 24 months since the signing of agreement. Loan tenure is up to 48 months for each withdrawal. BFI Finance will use this facility to provide support for communities to get quality motor vehicle financing. This is carried out by keep applying prudential principle in managing finance and risks in order to maintain a healthy company performance.
Amid the ongoing challenging economic conditions due to COVID-19 pandemic, BFI Finance remains optimistic that motor vehicle financing will increase again as economy and social activities resume.
“The cooperation with BRI is one of the forms of diversification in our company’s source of funding in order to get optimal structure of funding between loan facility from domestic and foreign banks and bond issuance in capital market,” Sudjono added.
BFI Finance is currently supported with credit facility from domestic and foreign banks (in both bilateral and syndicated loans) and bond emission, which will be used to support financing business activities in the fourth quarter of 2020 and the whole year of 2021. Until the present, BFI Finance still maintains a positive record among investors.
BFI Finance is now in the process of completing the issuance of Rp832 billion in Sustainable Bond IV Phase III of Year 2020, which has been oversubscribed as it exceeded the targeted amount of initial bond emission of Rp500 billion.
BFI Finance and BRI have maintained a good relationship for a long time
BFI Finance use the facility to provide support for communities to get quality motor vehicle financing