A PYMNTS Company

Indonesia: Nation hit with the latest in global banking negligence

By  |  March 14, 2013
Indonesia: Nation hit with the latest in global banking negligence

The Global banking scandals have found yet another addition to the crackdowns. Indonesia’s KPPU, the nation’s antitrust watchdog, has announced that there is “a strong indication of a cartel in our banking industry.” The statement was made at a press conference by KPPU Chairman Nawir Messi. According to reports, the authority is accusing the nation’s banks of fixing prices that affect lending rates, and that Bank Indonesia may be the cause for such negligence. Statistics have found that the nation’s banks are about twice as profitable as their counterparts in Southeast Asia, China and India. But analysis has found inefficient operations among local banks. As a result, the KPPU will initiate a legal case.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: The Jakarta Post

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.