Reuters, 15 Oct 2008, Harry Suhartono
SINGAPORE (Reuters) - Rich Indonesians are expected to keep stashing their cash offshore, with strict domestic financial regulations and a search for more secure returns likely to favor private banks in neighboring Singapore, bankers said on Wednesday.
Many wealthy Indonesians are already banking offshore with major private bankers such as Citigroup and Merrill Lynch in Singapore or Hong Kong, and Indonesia is unlikely to loosen laws that limit their options to invest.
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