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Rabobank to stop Indonesian operations in June 2020
The decision was taken in line with the global business strategy of the Rabobank Group that would focus its business on the supply chain of food and agriculture.
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Illustration of a bank building (kompas.com/File)
P
rivate lender PT Bank Rabobank International Indonesia has announced that it will stop its operations in Indonesia in June 2020, 10 years after it first established operations.
Rabobank Indonesia president director Jos Luhukay said the Netherland-based Rabobank Group, as a stakeholder that controlled the bank's operations in Indonesia, would carry out the closure gradually.
He said the decision was taken in line with the global business strategy of the Rabobank Group that would focus its business on the supply chain of food and agriculture.
“The business structure outside the Netherlands will prioritize wholesale banking instead of retail,” he said on Thursday as quoted by kontan.co.id, adding that the change was followed by the closures of several banks in Poland, Ireland as well as other banks in North America.
Jos explained the closure was nothing to do with economic conditions in Indonesia or its banking industry.
He gave assurances that Rabobank International Indonesia would be cooperative with banking authorities regarding the closure of the bank. He also said the steps toward the closure had begun in cooperation with the authorities.
“The closure of Rabobank International Indonesia will depend on the agreement of the authorities. Its implementation will pay attention to the interests of both customers and employees,” Jos added.
The bank is committed to making sure the transition would take place smoothly and be based on regulations, he added. (bbn)
