Deutsche Bank doubles capital in Indonesia to 10 trillion rupiah
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DEUTSCHE Bank has doubled the capital for its business in Indonesia to 10 trillion rupiah (S$856 million), the bank said on Wednesday (Dec 20).
The additional investment will support the bank’s growth and allow it to undertake more activity for clients, it said.
The move marks Deutsche Bank’s third capital increase in the Asia-Pacific region this year. In May the German lender said it doubled capital in its Ho Chi Minh City branch to more than US$200 million, and in September it boosted the capital commitment to its Seoul branch by 36 per cent to US$159 million.
The bank is expanding in the region as it is becoming increasingly important for the group’s clients, said Alexander von zur Muehlen, CEO of Asia-Pacific, Europe, Middle East & Africa and Germany.
“We see long-term opportunity in Indonesia, which has one of the fastest-growing economies in Asia,” he said.
“Its well-established strength in resources is nicely complemented by its focus on emerging industries like technology and EV manufacturing.”
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Deutsche Bank has a 54-year history in Indonesia, South-east Asia’s largest economy. REUTERS
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