Indonesia's Banks Are Gasping For Air
On June 25, four new branches of ABN Amro Bank of the Netherlands opened in the Indonesian cities of Semarang, Solo, Denpasar, and Manado. Each operates from a hastily renovated Dutch colonial-style house--not the usual site for a big global bank. But the Dutch are interested in reaching customers fast, not in fancy digs. Under new rules, foreign banks can open anywhere in Indonesia and offer deposit accounts to citizens eager to pull their money out of the country's tottering domestic banks. Borrowers, however, need not apply.
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