-Indonesian banker says Singapore has softened stance on Indonesian banks.
Global Banking News - 10 April 2013
According to Bank Rakyat Indonesia (BRI) president and director, Sofyan Basir, the central bank of Singapore, which is known to have one of the most restrictive policies to foreign banks, has softened its stance on Indonesian banks.
Basir said that the softening of rules and regulations would allow his bank to establish new branches in Singapore easily. Basir said, 'From their discussions with us, they have already become softer. It is apparent.'
The central bank of Indonesia had earlier opened talks with many central banks around the world about reciprocity with regard to opening branches after state-run lenders in the country demanded that the central bank make such moves to help them expand overseas.
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