VIVAnews - Bank Indonesia (BI) repealed the business license of the American Express Bank's branch office in Indonesia by Feb 24.
A press release announced by BI in its website on Wednesday, March 4, noted that the revocation was set out based on a decree of BI Governor No.11/11/Kep.GBI/2009 dated 24 February 2009 on Business License Annulment of the Branch Office of American Express Bank, Ltd. in Indonesia.
"It is herewith informed that as of 24 February 2009 Bank Indonesia has revoked the business license of the branch office of the American Express Bank, Ltd. in Indonesia," BI Public Relations Bureau stated.
It is mentioned that the annulment of the business license was based on a request made by the bank's head office (self liquidation) due to the management integration between Standard Chartered Bank and American Express Bank globally.
Bank Indonesia wanted that the Indonesian customers having the rights and liabilities to the bank's branch office contact the branch offices of Standard Chartered Bank in Indonesia.
In February 2008, Standard Chartered Bank had acquired the American Express Bank up to the value of US$860 million.
In addition, PT Bank Danamon stressed that the license revocation was not related with the sole license issued by the American Express Bank to banks.
Danamon has been managing the American Express cards and merchants in Indonesia.
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Translated by: Bonardo Maulana Wahono
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