JPMorgan reappointed primary dealer for Indonesia
Indonesia is reappointing JPMorgan Chase & Co. JPM, -0.35% as a primary dealer of government bonds almost a year and a half after the U.S. bank was kicked out of the business over a negative research report.
The finance ministry said in a statement Monday that Americaâs largest bank by assets would be a primary dealer again beginning May 2 along with 19 other banks and financial institutions. It didnât give a reason for the reinstatement. The ministry had previously said the bank would be eligible to reap ply after 12 months of sitting out.
âThere are a lot of requirements, including ensuring there is no conflict of interests,â said Scenaider Siahaan, director of financing strategy and portfolio at the ministryâs Directorate General of Budget Financing and Risk Management. He didnât elaborate.
âOur focus is on our clients and we believe a primary dealer license will strengthen our ability to service our clients who invest in Indonesia more effectively,â the bank said.
An expanded version of this report appears at WSJ.com
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