DMG's Jakarta units merged

DMG's Jakarta units merged

SINGAPORE (Reuters): Deutsche Morgan Grenfell said yesterday its equities division would consolidate its Indonesian operations into its Hong Kong and Singapore offices.

The group said in a statement the move continued a process begun last year of streamlining its regional equities business.

It said it would continue to cover Indonesia from Singapore and Hong Kong.

It said it also planned to reorganize its Philippines equities operations but would maintain an on-the-ground equities presence in that market.

The statement said the changes only affected its equities business in Indonesia and the Philippines. It would continue to offer a broad range of other products in the two countries through its other divisions.

Deutsche Morgan Grenfell is the investment banking arm of Germany's Deutsche Bank AG and employs 2,000 staff in the Asia Pacific region, it said.