Indonesia’s small-scale banks are still attracting foreign investment despite rising concerns about the economic impacts of the emergency measures imposed by the government to halt the spread of COVID-19. Venture capitalist Patrick Walujo and former banker Jerry Ng, for example, have increased their stakes in publicly listed Bank Artos through a rights issue on April 2. Patrick’s stake in the bank through his Hong Kong-based Wealth Track Technology Limited was increased to 23.65 percent from 13.35 percent previously. In the meantime, Jerry’s stake in Bank Artos, owned through PT Metamorfosis Ekosistem Indonesia (MEI), rose to 66.7 percent from 37.65 percent. The moves were part of the investors’ plan to raise the bank’s classification from BUKU I, for banks with core capital below Rp 1 trillion (US$64.50 million), to BUKU II, for banks with core cap...

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