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Citi Indonesia may grow through acquisitions
August 4, 2009 / 9:33 AM / in 8 years

Citi Indonesia may grow through acquisitions

<p>A Citi group logo can be seen on an automatic teller machine in Citi Field during an MLB exhibition game between the New York Mets and the Boston Red Sox in Flushing, New York April 3, 2009. REUTERS/Lucas Jackson</p>

JAKARTA (Reuters) - The Indonesian unit of Citigroup (C.N) is interested in possible acquisitions in Indonesia’s bank sector, Country Officer Shariq Mukhtar told Reuters in an interview on Tuesday.

Mukhtar said that Citibank in Indonesia would look at opportunities to acquire banks provided these were offered at a “fair price,” in addition to growing organically by establishing new branches in Southeast Asia’s biggest economy.

He also said Citibank, together with other banks, is holding regular discussions with the central bank, Bank Indonesia, over lifting regulations on foreign exchange transactions and the sale of certain investment products.

The foreign exchange regulations were introduced during the global financial crisis late last year to halt a slide in the rupiah currency.

Reporting by Tyagita Silka; Editing by Sara Webb

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