Indonesia regulator open to higher foreign stakes in banks

Singapore

INDONESIA'S financial regulator is open to allowing a higher percentage of foreign ownership in local banks as the country wants to tap international funds for trade and project finance.

The South-east Asian nation usually limits foreign purchases of domestic banks to 40 per cent and will consider more than that depending on an investor's business plan, Muliaman Hadad, chairman of the Financial Services Authority, said on Wednesday in an interview.