Single presence policy delayed further
Indonesia's central bank decided to postpone the implementation of single presence policy to as early as 2008-2010, behind its initial schedule of second half 2006.
Under the single presence policy, someone or a company will not be allowed to own shares in two or more banks. Should the central bank implement the policy, companies like Singapore's Temasek Holdings, UOB, OCBC, Malaysia's Khazanah, Standard Chartered, and some local business groups should merge the banks or divest and exit.
Koran Tempo quoted Burhanuddin Abdullah, central bank governor saying there are three options available. First, the central bank will 'politely' ask bank owners to merge. Second, bank central will give direction to bank owners on what to do. Third, bank central will instruct bank owners to merge within two years starting 2008.
So, the central bank barks louder than its bite, as usual.
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Under the single presence policy, someone or a company will not be allowed to own shares in two or more banks. Should the central bank implement the policy, companies like Singapore's Temasek Holdings, UOB, OCBC, Malaysia's Khazanah, Standard Chartered, and some local business groups should merge the banks or divest and exit.
Koran Tempo quoted Burhanuddin Abdullah, central bank governor saying there are three options available. First, the central bank will 'politely' ask bank owners to merge. Second, bank central will give direction to bank owners on what to do. Third, bank central will instruct bank owners to merge within two years starting 2008.
So, the central bank barks louder than its bite, as usual.
Labels: Khazanah, Single Presence, Temasek
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posted by yosef at 9:53 AM
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