Indonesia's central bank has asked all banks to stop acquisition of new high net worth customers for a month starting May 2, which may affect business in the near-term, Singapore DBS CEO said on Friday.
"I think actually what the Bank Indonesia did was industry wide exercise, so they asked all banks to stop acquiring any premium or high value customers for the next month," Piyush Gupta told reporters in Singapore.
The move comes a few week after Indonesia's chief banking regulator suspended Citibank Indonesia from recruiting new customers to its Citigold premium service after police launched an investigation into suspected embezzlement.
Gupta, who was briefing reporters on the bank's first quarter earnings, said he sees erosion on interest rate margins coming to an end. Source: Reuters
"I think actually what the Bank Indonesia did was industry wide exercise, so they asked all banks to stop acquiring any premium or high value customers for the next month," Piyush Gupta told reporters in Singapore.
The move comes a few week after Indonesia's chief banking regulator suspended Citibank Indonesia from recruiting new customers to its Citigold premium service after police launched an investigation into suspected embezzlement.
Gupta, who was briefing reporters on the bank's first quarter earnings, said he sees erosion on interest rate margins coming to an end. Source: Reuters
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