The three biggest foreign banks in Indonesia have shipped around $640 million of their earnings out of Southeast Asia’s largest economy since 2024 as they pare exposure amid President Prabowo Subianto’s increasingly state-focused economic policies.
The Indonesian units of Citigroup, Standard Chartered and HSBC remitted a total of 11.5 trillion rupiah ($640 million) over the last two years, slightly exceeding their combined profits for the period, according to an analysis of their financial statements.
That surpassed the average 84% of profits that Citigroup shipped out to its parent firm in the decade before 2024, when Prabowo took office, keeping the rest in Indonesia to support growth and strengthen its capital buffer.
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japantimes.co.jp — original article
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