Jakarta (ANTARA News) - The Financial Service Authority (OJK) has revoked the permit of one of the Royal Bank of Scotland N.V. (RBS N.V)s branches in Indonesia. The decision to revoke the permit is a follow up to the business strategy of the RBS group in the United Kingdom, which has decided to close its business networks in 25 countries, including Indonesia, OJK Deputy Commissioner III for Banking Supervision Irwan Lubis said in a press statement released on Monday. "The plan to shut down the branch offices in Indonesia has been realized in the second semester of 2015, beginning with the closure of RBS N.V. sub-branch in Surabaya in December 2015." he said. He said the decision to revoke the permit of RBS N.Vs branch was reached at a recent meeting of the OJK Board of Commissioners and the decision has been set forth in the OJK Board of Commissioners Decree No. 7/KDK.03/2017 dated February 28, 2017 concerning the Revocation of the Permit of The Royal Bank of Scotland N.V. s branch in Indonesia. The Head Office of RBS N.V. in The Netherlands filed an application to OJK for the closure of the branch on November 1, 2016, he said. The RBS N.V. branch began operating in Indonesia in 1969, with the name ABN AMRO Bank N.V. of Indonesia branch. Since 2010, the majority shares of RBS N.V. have been held by The Royal Bank of Scotland Plc. In 2011, ABN AMRO Bank N.V. of Indonesia branch changed into The Royal Bank of Scotland N.V. (Uu.S012/KR-BSR/O001/B019)
The Indonesian Financial Services Authority has revoked one of Royal Bank of Scotland 's ( RBS ) licenses for a bank operating in the country . The decision saw RBS signalling its intention to continue with a withdrawal from several markets , one of which was Indonesia .