OJK to Supervise Conglomerate Subsidiaries HR Division
17 February 2015 12:50 WIB
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said it would monitor the quality of the human resources in companies that are subsidiaries of conglomerate groups in the financial sector.
OJK chief executive for banking supervision Nelson Tampubolon said the regulator requires the subsidiaries' workforces to be of the same quality of their holding companies', to minimize systemic effects when or if they go bankrupt.
According to Nelson, 70 percent of the Indonesia's financial industry assets are currently controlled by 32 conglomerate groups, with assets estimated at Rp3,700 trillion of the total industry's Rp5,300 trillion. The OJK is currently overseeing 16 of the 32 conglomerate groups.
Some financial services institutions have grown into conglomerates, including state-owned enterprises PT Bank Mandiri Tbk (BMRI), PT Bank Rakyat Indonesia (BBRI), and PT Bank Negara Indonesia Tbk (BBNI).
In the private sector, there are PT Bank Mega Tbk (MEGA) owned by tycoon Chairul Tanjung and PT Bank MNC Internasional Tbk—formerly PT Bank Bumiputera Tbk (BABP)—owned by conglomerate Hary Tanoesoedibjo.
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