Jakarta: The Australia and New Zealand (ANZ) Banking Group announced on Thursday that PT ANZ Panin Bank changed its legal name to PT Bank ANZ Indonesia to reflect its continued growth, commitment and expansion strategy in Indonesia.

ANZ Indonesia CEO Joseph Abraham told a press conference that the new name reflected the increase of ANZ Group’s stake in PT Bank ANZ Indonesia to 99 percent.

“The new name also strengthens and continues our commitment to Indonesia and our customers’ growth. This also reaffirms our position as the largest Australian service sector investor in Indonesia,” he said in Jakarta.

Abraham said that through PT Bank ANZ Indonesia, the bonds between Indonesia-Australia would be strengthened especially after Indonesia regained investment-grade credit rating from Fitch Ratings, 14 years after losing its status following the country’s worst-ever financial crisis.