Jakarta (Antara Bali) - Privately-run Bank Niaga Tbk (CIMB Niaga) said it has raised its capital participation in its subsidiary PT CIMB Niaga Auto Finance (CNAF) by Rp50 billion.
CIMB Niaga Strategy & Finance Director Wan Razly Abdullah said in a press statement on Thursday CNAF would use the fund to finance its business expansion.
He said CNAF's business continued to grow with the number of its branch offices as per September 30, 2011 growing to 48 from 36 a year earlier.
Also, CNAF's non-performing loan (NPL) ratio was relatively small reaching 0.64 percent, he said.
CNAF President Director Frangkie Natawijaya meanwhile said the company had extended credits not only for new and secondhand cars but also for motorcycles since July 2011.
The credits for motorcycles were channeled through nine outlets, he said.
Frankie said the steady growth of the motorcycle industry had prompted the management of CNAF to expand its financing business to motorcycles.(**)
