Deutsche closes RI units

Deutsche closes RI units

SINGAPORE (Reuters): Deutsche Bank AG said yesterday it had temporarily closed its branches in Jakarta and Surabaya, Indonesia.

"Due to the deterioration of the situation in Indonesia we have taken the decision to temporarily close our branches in Jakarta and Surabaya," the bank said in a statement.

"We are monitoring developments closely and will re-open the branches as soon as the situation improves," the bank said.

"We hope to re-establish normal operations as soon as possible. This affects all operating entities in Indonesia."

Indonesia has been beset with riots in recent days, triggered by protests against price hikes imposed by the government and demands for President Soeharto to step down.

Mobs rampaged through sections of Jakarta yesterday, with no apparent slackening of rampant violence a day after 4 people were killed in anti-government protests, riots, arson and looting.