DBS Return License To Indonesia As "Part Of Business Realignment"

Source : TODAY, Friday, September 7, 2007

DBS Group said its Indonesian securities arm, PT DBS Vickers Securities Indonesia, has returned its asset management license to the Indonesian authorities as “part of its business realignment”.

It said: “PT DBS Vickers Securities Indonesia will focus on providing a comprehensive blend of retail and institutional broking services in Indonesia”. This follows DBS’ announcement on Monday that the Ministry of Finance of Indonesia had withdrawn its Indonesian subsidiary’s primary dealership license, citing the bank’s inability to fulfil licensing requirements in spite of three reminder letters in the past year.

DBS had said then that it would “undertake rectification as necessary” and that it believed it would be reinstated as a primary dealer “over time”.