Indonesian MPs say proposed new bank law should limit foreign ownership

JAKARTA (REUTERS) - Indonesian MPs said they want a new banking law, under discussion since late last year, to limit foreign ownership to a maximum of 50 to 51 per cent and suggested it could make it to the statute books by next year.

MPs have not publicly discussed a percentage figure before.

The comments by two senior parliamentarians come as debate rages over whether Singapore's DBS Group Holdings Ltd can press on with its year-old bid to buy Bank Danamon Indonesia Tbk PT, after the central bank gave it approval to take an initial 40 per cent stake.

Join ST's Telegram channel and get the latest breaking news delivered to you.