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View all search resultsAnalysis: Anggito named LPS chairman, revenue agency plan left hanging
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An employee cleans the signage of the Deposit Insurance Corporation (LPS) at its office building in Jakarta in 2018. (Antara/Audy Alwi)
T
he surprise appointment of Deputy Finance Minister Anggito Abimanyu as chairman of the Deposit Insurance Corporation (LPS) marks a clear break from established selection procedures and casts uncertainty over President Prabowo Subianto’s plan to create a separate revenue collection agency.
Anggito was confirmed by the House of Representatives as LPS chairman for the 2025–2030 term, replacing Purbaya Yudhi Sadewa, who was recently appointed finance minister. The move stunned observers as Anggito emerged from a last-minute recommendation from President Prabowo rather than through the formal selection process run by a panel led by former finance minister Sri Mulyani Indrawati.
That process, which had been underway since April 2025, produced a shortlist of 12 candidates submitted to the President. Prabowo forwarded several names to the House in batches. On May 20, he proposed two LPS commissioner candidates: Doddy Zulverdi of Bank Indonesia (BI) and Farid Azhar Nasution of the LPS. Both were later confirmed by the House, with Doddy as LPS deputy chairman and Farid as commissioner in charge of bank guarantee and resolution programs.
On Aug. 11, Prabowo sent four more names to the House: Dwityapoetra Soeyasa Besar (LPS), Muhammad Iman Nuril Hidayat Budi Pinuji (BPJS Employment Supervisory Board member), Agresius R. Kardiman (Compliance Director at Bank CCB Indonesia) and Ferdinand Dwikoraja Purba (Independent Commissioner at PT Asuransi Jasa Tania Tbk).
But on Sept. 19, the President unexpectedly proposed Anggito, who was not among the 12 names submitted by the selection team. After undergoing a fit-and-proper test on Sept. 22, Anggito was confirmed as LPS chairman alongside Ferdinand, who was appointed commissioner in charge of the policy guarantee program.
This is the first time that LPS commissioners have been elected by the House of Representatives, as mandated under Law No. 4/2023 on the Development and Strengthening of the Financial Sector (UU P2SK). The new law elevates the LPS to equal standing with BI and the Financial Services Authority (OJK) as key financial stability institutions.
Anggito’s nomination serves an exercise of presidential prerogative, an effort to place a trusted aide at the helm of an agency managing some Rp 250 trillion (US$15 billion) in bank deposit guarantees, a fund that grows annually by Rp 25–30 trillion from commercial banks’ contributions. These funds enable the LPS to guarantee deposit repayments in the event of bank closures. Although no major banks have collapsed, LPS reports that, on average, one rural bank (BPR) closes every month. Currently, the agency is liquidating three rural banks, with two others under recovery efforts.
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