Growth opportunities: An oil-rig seen among vessels moored at shipyards northwest of Batam island. Deutsche Bank says Indonesia’s strength in resources is nicely complemented by its focus on emerging industries. — Reuters
SINGAPORE: Deutsche Bank is doubling the capital for its business in Indonesia to 10 trillion rupiah (US$645mil), the bank says.
The additional investment will support the bank’s growth and allow it to undertake more activity for clients, it said in a statement yesterday.
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$200mil and in September it boosted the capital commitment to its Seoul branch by 36% to US$159mil.
The bank is expanding in the region as it is becoming increasingly important for the group’s clients, said Alexander von zur Muehlen, chief executive officer of Asia-Pacific, Europe, the 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 electric vehicle manufacturing.”
Deutsche Bank has a 54-year history in Indonesia, South-East Asia’s largest economy. — Reuters
