Bank Indonesia will seek talks on reciprocity with Singapore as a condition for the central bank’s approval of DBS Group’s bid to acquire Bank Danamon Indonesia, its deputy governor said.
The central bank wants equal treatment for Indonesian banks to operate in Singapore, deputy governor Halim Alamsyah said in Jakarta on Wednesday.
“Singapore is probably the most protectionist banking sector in Asia,” said Jim Antos, a Hong Kong-based analyst at Mizuho Securities Asia, citing restrictions on the number of automated teller machines and branches foreign banks are allowed to operate in the city-state. “The Indonesian government is right in making their little pitch and I would do the same if I were them.” Full story
Related:
DBS expects to receive approval of Indonesian bank takeover in six months - Malaysia Star
