Indonesia

Tie-up between Mandiri and SBI Indonesian unit aimed to capitalise on numerous Indians working overseas.

The country's central bank wants to discourage stockpiling of high-interest notes by enforcing standard repurchasing agreement.

More than 80 percent expected growth would depend on effectiveness of regulations like eliminating double taxation.

Surge in profit was due to 15 percent growth in loans and 24 percent surge in fee-based income.

Bank Ekonomi reported profit before tax of US$33 million for the nine months to 30 September 2009. The figures represent an increase of 55 percent on the same period in 2008.

Mandiri still managed to enjoy 0.29 percent increase in NPL ratio despite having $313-million non-performing loans.

Skyrocketing lending margins push banks to get closer with their customers through rebranding.

DBS CEO Koh Boon Hwee reveals DBS' latest plans for expansion in Indonesia: to open 100 branches and look for acquisitions in the next three years.

PT Bank Danamon Indonesia’s new Internet banking service enables customers to use mobile phones to receive verification via SMS tokens. Called the Danamon Online Banking, it is aimed at increasing customer convenience and secure banking transaction.

HSBC Limited has completed its acquisition of 88.89 percent of Bank Ekonomi for US$607.5 million. The deal was coursed through its wholly-owned subsidiary of HSBC Asia Pacific Holdings (UK) Limited.

Moody's Investors Service has placed the ratings of ten Indonesian banks on review for possible downgrade.

Indonesia’s Bank Rakyat says it will cut dividends 35 percent as it faces government pressure to crank out loans with loan growth expected at 22 percent.

StanChart’s South East Asia CEO says the bank will want to "take a look at RBS" but says deal a long way off.

Bank Mandiri and Bank Central Asia both showed profit gains over the first quarter, but Bank Negara Indonesia was the standout with a 315 percent increase in profit to US$59 million.

If the current economic environment isn’t challenging enough, nightmares of an impending strike from UOB workers in the Singaporean bank’s Indonesian arm UOB Buana have turned into a harsh reality. Not only has the strike affected the bank's operations nationwide, with at least 4,000 out of 5,800 staff taking part in the strike. Talk about biting the hand that feeds you.Thousands of workers of UOB Buana Bank, a local unit of Singapore-based United Overseas Bank Ltd, launched a three-day strike on Monday, disrupting the bank’s operations nationwide. UOB labor union secretary general Endang Sutisna said the strike was launched after the management and workers failed to make a deal during a meeting on Sunday night over the workers’ demands for a pay rise and annual bonus payment. "We have been demanding it since January, but there has not yet been any response from the management, and the last night’s meeting was the climax to the problem," Endang said.He said at least 4,000 workers from 23 branch offices were joining the strike, which was expected to last until Wednesday. Currently, UOB employs 5,800 workers and operates 35 branches nationally. The strike has disrupted the bank’s operation as most of its branches could only provide limited service to customers with a majority of workers going for the strike, reported The Jakarta Post.The management announced in a letter distributed to the bank’s branches on Monday that only some branches in Jakarta, Surabaya, Semarang, Batam, Medan, Bandung, and Palembang were able to provide full services for customers. UOB director for corporate services Safrullah Hadi Saleh said the company had not yet calculated the losses from the strike, but "it would try to minimise the level, while trying to renegotiate with the workers."He said the company had asked the Manpower and Transmigration Ministry to mediate in negotiations. "We will meet again with the workers tomorrow (today) at the ministry’s office," Safrullah said.The meeting will discuss four proposals from the workers, including demands that the management increase workers' salaries by 26 percent and pay the 2008 annual bonus at the same level as in 2007.

If the current economic environment isn’t challenging enough, nightmares of an impending strike from UOB workers in the Singaporean bank’s Indonesian arm UOB Buana have turned into a harsh reality. Not only has the strike affected the bank's operations nationwide, with at least 4,000 out of 5,800 staff taking part in the strike. Talk about biting the hand that feeds you.