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View all search resultsMalaysian bank expansion halted in RI
No more Malaysian banks would be permitted to operate in Indonesia as long as Indonesian banks were unable to set up branches in that country, the Financial Services Authority (OJK) said on Tuesday
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N
o more Malaysian banks would be permitted to operate in Indonesia as long as Indonesian banks were unable to set up branches in that country, the Financial Services Authority (OJK) said on Tuesday.
The decision came following a deal the OJK signed with Bank Indonesia (BI) and the Malaysian central bank, Bank Negara Malaysia, which aims to support ASEAN banking integration (ABIF).
The OJK explained that the agreement came with reciprocal principles.
'Until three of our banks open in Malaysia, no more of their banks will be allowed to operate here in Indonesia. They already have three here,' the OJK's banking supervision chief executive Nelson Tampubulon said as quoted by kompas.com.
The three Malaysian banks that currently have branches in Indonesia are CIMB Niaga, BII-Maybank and Maybank Syariah.
The goal of the ABIF is to open and extend market access for qualified ASEAN banks (QAB) in ASEAN countries. (***)
