Indonesia's state news agency Antara reported that the Financial Services Authority (OJK), the government agency that regulates and supervises the financial services sector, revoked the license of the local unit of the Royal Bank of Scotland NV (RBS NV), hence effectively ending the company's business in Indonesia. The revocation was conducted on request of the lender's headquarters in the Netherlands. This request was sent on 1 November 2016. The bank had a long history in Indonesia. RBS NV started operations in 1969 in Southeast Asia's largest economy under the name ABN AMRO BANK NV Indonesia.
Although the bank started under the name ABN AMRO BANK NV Indonesia, the majority of its shares was acquired by the Royal Bank of Scotland Plc in 2010. After this acquisition the bank's name changed to RBS NV.
Earlier, in December 2015, the bank's branch in Surabaya (East Java) had already been closed. The ending of all of RBS NV's business activities in Indonesia is part of the bank's overall business strategy. Besides Indonesia, it decided to end its business networks in 24 other countries. Due to the RBS Group's losses across the world, it decided to focus on the domestic market of the United Kingdom (UK) in order to improve its earnings. RBS NV's corporate activities in Indonesia were profitable until the end of 2014. After that year its activities in Indonesia resulted in net losses and therefore it decided to end its businesses here gradually.
Through OJK Board of Commissioners Decree No. 7/KDK.03/2017 on the Revocation of the Permit of The Royal Bank of Scotland NV's Branch in Indonesia, dated 28 February 2017, the license of the bank has been revoked. According to the OJK, RBS NV Indonesia has completed all its obligations and therefore its request for the license revocation was approved. However, those who still (claim to) have rights and obligations with the local branch of Royal Bank of Scotland in Indonesia can contact the disclosure team, located at the Indonesia Stock Exchange (IDX) building (Tower 2, second floor) in South Jakarta until 31 March 2017. Contact persons are Simon de Jong (mobile phone number: 08118204709) and Heri Haryadi (mobile phone number 08129099019).