One more foreign stockbroker has left the Indonesian stock exchange. This time, broker PT Citigroup Sekuritas Indonesia (CSI), part of Citibank Indonesia, has officially stopped its 11-year business.
The Indonesian Stock Exchange (IDX) has officially revoked the Exchange Member Approval Letter (SPAB) from PT Citigroup Sekuritas Indonesia (CSI). Thus, CSI no longer runs the securities trading business in Indonesia.
Director of the Indonesia Stock Exchange (IDX) Laksono W.Widodo explained this is based on the provisions of POJK 3/POJK.04/2021 concerning the Implementation of Activities in the Capital Market Sector, according to article 9 which explains, Securities Companies, in this case CSI, are no longer members Stock Exchange (AB) Securities.
Therefore, Citi must transfer the Stock Exchange shares to another Securities Company that meets the requirements as a Stock Exchange Member.
The termination of Citigroup Sekuritas’ business occurred in line with the sale of Citi’s consumer banking business in Indonesia. Apart from Indonesia, Citigroup also decided to leave the consumer banking business in a dozen other countries, such as South Korea.
Source: CNBC, kompas