SINGAPORE: Deutsche Bank is doubling the capital for its business in Indonesia to 10 trillion rupiah (US$645mil), the bank says.

       The additional investment will support the bank’s growth and allow it to undertake more activity for clients, it said in a statement yesterday.

       The move marks Deutsche Bank’s third capital increase in the Asia-Pacific region this year.

       In May the German lender said it doubled capital in its Ho Chi Minh City branch to more than US$200mil and in September it boosted the capital commitment to its Seoul branch by 36% to US$159mil.

       The bank is expanding in the region as it is becoming increasingly important for the group’s clients, said Alexander von zur Muehlen, chief executive officer of Asia-Pacific, Europe, the Middle East, Africa and Germany.

       “We see long-term opportunity in Indonesia, which has one of the fastest growing economies in Asia,” he said in a statement.

       “Its well-established strength in resources is nicely complemented by its focus on emerging industries like technology and electric vehicle manufacturing.”

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       Deutsche Bank has a 54-year history in Indonesia, South-East Asia’s largest economy. — Reuters