BANK INDONESIA REVOKES PERMIT OF AMEX BANK BRANCH OFFICE

JAKARTA-
Bank Indonesia (BI) as Indonesia's central bank revoked the permit of the American Express Bank branch office at the request of the bank's headquarters for self liquidation in view of the ongoing process of integrated management of the Standard Chartered Bank and the American Express Bank, Ltd.

Sources from Bank Indonesia's public relations office here said on Wednesday the revocation of the permit was effective as of February 24, 2009 on the basis of Bank Indonesia's decision No. 11/2009 dated February 24, 2009.

Following the revocation of the permit to establish a branch office in Indonesia and to conduct banking business activities as a commercial bank based on decree of the Finance Ministry No D.15.6.2.3 of March 21, 1968 on the granting of business permit to the American Express International Banking Cooperation in Hartford, Connecticut, USA with its head office in New York, which then changed its name into the American Express Bank, Ltd based on the Indonesian Finance Ministry decree No S-404/MK.11 1985 of August 27, 1985, is no longer valid,.

"For customers and other parties who still have the right or obligation to the branch office of the American Express Bank Ltd. in Indonesia are advised to contact the branch office of Standard Chartered Bank in Indonesia," the sources said. 05 March 2009 (ANTARA)