TEMPO.CO, Jakarta – Seventy percent of Indonesia's assets in the financial sector are controlled by 31 financial conglomerates. The Financial Services Authority (OJK) indentified that these conglomerates are mostly comprised of banks.
"There are 10 financial conglomerates in the form of vertical groups, 13 are horizontal groups, and eight are of mixed groups," OJK's chief for supervision and crisis management, Sampoerna Harmanto, was quoted as saying by Antara yesterday.
Endang Kusulanjari, OJK commissioner of banking supervision, said the agency is preparing a regulation on bank conglomerates. "By late December 2014, the rules on conglomeration will be issued," she said some time ago.
The OJK is also planning to establish a special team that will be responsible for integrating information on monitoring and reporting. To date, OJK has been supervising sectors separately, dividing them into banking, capital markets and non-banking industries.