But of those that chose the state banks, most went either to Bank Negara Indonesia or to Bank Rakyat Indonesia: the four banks that now comprise Bank Mandiri received few of the new customers.
He said that once a governor of the Bank of Indonesia was named as a suspect in a case that would proceed to the court, he should resign.
In a report this week, the World Bank says Indonesia faces many of the same problems encountered by transitional democracies in Eastern Europe, but fails to do much about it.
The Netherlands' ABN Amro bought Bank of America's retail operations in India, Singapore and Taiwan, expanded in Indonesia and acquired Bangkok-based Bank of Asia.
Among the rioters' targets in the past year have been branches of Bank Central Asia, Indonesia's largest private-sector bank.
Recent moves by Bank Indonesia were meant to restrict the availability of dollars in the country.
Bank Indonesia is more pragmatic than the Bank of Thailand, widening the rupiah's exchange rate trading band to 8% and ensuring more flexibility in monetary policy.
In a recent study, the World Bank calculated that in Indonesia it takes an average of 151 days to complete all the paperwork required to start a company, against 30 in Malaysia and eight in Singapore.
Equally busy further south is the Indonesia Bank Restructuring Agency, which recently took control of seven more institutions.
The World Bank estimates that as much as 30% of Indonesia's development budget over two decades disappeared through civil-service-wide corruption that filtered down from the top.
Taiwan's central bank has been considering lending to the central banks of Indonesia and Thailand.
In July 1998, reports emerged that a staggering sum of money linked to Indonesia had been shifted from a bank in Switzerland to another in Austria, now considered a safer haven for hush-hush deposits.
Another Asia Foundation survey discovered that only 17% of SMEs have ever received a bank loan in Indonesia, largely because they have very little information about credit programs or they cannot complete the paperwork required to obtain a loan.
IMF, the World Bank and foreign governments, Indonesia has promised to stop subsidising the prices of a range of basic products.
Few small businesses in Indonesia are able to open lines of credit with a major bank.
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Opponents charge that the move is an attempt to punish Indonesia's central bank for closing financial institutions that were pets of Suharto's rapacious children and friends.
Former colonial outposts across Asia harbor Art Deco gems -- from the former Banque d'Indochine building in Hanoi, which now belongs to the State Bank of Vietnam, to the Hotel Savoy Homann in Bandung, Indonesia.
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Also boasting high productivity, Bank Internasional Indonesia (No. 245), which has to make the most of its relatively small headcount - 5, 800 - spread among 170 branches.
The Monetary Authority of Singapore reiterated its May 21 statement, saying it and Bank Indonesia are exploring further access into each other's markets, while Bank Indonesia Gov. Agus Martowardojo said the bank's position was unchanged and that "reciprocal" treatment is one of the considerations to allow DBS buy a bigger take in the Bank Danamon.
So last November when I was in Indonesia, Boeing announced a deal with the help of the Export-Import Bank to sell more than 200 planes to one of the fastest-growing airlines in the world.
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U.S. midsize investment bank Jefferies recently formed equities joint ventures with local partners in Thailand and Indonesia, while Nomura started coverage of Thai equities late last year.
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The World Bank reckons that the fees and royalties charged for timber rights, which now cover a third of Indonesia's territory, are too low.
In his first few months, Mr Stern has taken his ideas to some of the Bank's bigger clients, including Brazil, Argentina, South Africa, India and Indonesia.
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