Custodian bank criteria to be determined

Custodian bank criteria to be set

Monday, 22/03/2010 18:03:25 WIB

By: Irvin Avriano A.

for Bisnis Indonesia

JAKARTA (Bisnis.com): Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) plans to determine the criteria of bank's that will become a mutual fund custodian in order to improve the quality of bank services in the capital markets.

"We are reviewing the criteria, so not all banks will be a custodian for mutual funds, depending on the fulfillment of our classification that will be set," said Chairman of Bapepam-LK Ahmad Fuad Rahmany told the press today.

He explained currently there are 16 banks licensed as custodian, but there is no specific classification criteria for bank to be a custodian of mutual funds.

By the end of last year, Deutche Bank AG Indonesia domineer market share for mutual funds' custody of based on the number of mutual funds, as many as 134 products. After Deutche Bank, another custodian banks into the mutual fund service providers are PT Bank CIMB Niaga Tbk, Standard Chartered Bank NA Indonesia, Citibank NA Indonesia, and HSBC.

Next is PT Bank Mega Tbk, PT Bank Central Asia Tbk, PT Bank Permata Tbk, PT Bank Negara Indonesia Tbk, PT Bank Internasional Indonesia Tbk and PT Bank Mandiri Tbk. Then PT Bank Rakyat Indonesia Tbk, PT Bank Danamon Indonesia Tbk, PT Bank DBS Indonesia, and PT Bank Bukopin Tbk. (wiw)