In the meantime, Bank Indonesia deputy governor Halim Alamsyah has asked banks to improve their operating procedures, policies, and internal monitoring system as part an effort to improve quality of premium banking services and protection of clients.
Reportedly, the step was taken after revelations of alleged embezzlement by Citigroup’s former employee, who was alleged to have stolen $1.9m from customers.
The move is expected to hamper the premium banking services in the country for a short-term on wealth managers including DBS, UBS, Credit Sussie, and Citigroup.
However, the governor said the wealth mangers can continue to serve premium banking services to the existing customers as usual.
Recently, Citigroup was suspended to recruit new credit-card and wealth management clients amid a death of its customer on March 29 after discussions with debt collectors.
