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Maybank ‘negative’ on Singapore banks amid Indonesia tax amnesty repatriation

Jude Chan
Jude Chan10/10/2016 12:38 PM GMT+08  • 2 min read
Maybank ‘negative’ on Singapore banks amid Indonesia tax amnesty repatriation
SINGAPORE (Oct 10): Maybank Kim Eng is keeping its “negative” rating on the Singapore banks sector amid a pickup in repatriation of overseas assets under Indonesia’s tax amnesty programme.
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SINGAPORE (Oct 10): Maybank Kim Eng is keeping its “negative” rating on the Singapore banks sector amid a pickup in repatriation of overseas assets under Indonesia’s tax amnesty programme.

Total overseas asset repatriation more than doubled from IDR58.3 trillion ($6 billion) on Sept 20, surging to IDR137 trillion as of Oct 4, according to Maybank.

A total of IDR666.4 trillion worth of assets in Singapore has been declared, Indonesia’s tax officials say.

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