FILE PHOTO: The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo
SINGAPORE/HONG KONG: Deutsche Bank has doubled the capital for its business in Indonesia to 10 trillion rupiah ($645 million), the bank said in a statement on Wednesday.
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 $200 million, and in September it boosted the capital commitment to its Seoul branch by 36% to $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 in a statement.
"Its well-established strength in resources is nicely complemented by its focus on emerging industries like technology and EV (electric vehicle) manufacturing."
Deutsche Bank has a 54-year history in Indonesia, Southeast Asia's largest economy. - Reuters
