UBS to expand in Indonesia

UBS to expand in Indonesia

BERLIN: UBS AG, Europe's biggest bank, said it is expanding its operations in Indonesia as the Southeast Asian country's economy is predicted to grow by as much as 5 percent this year.

UBS, which shifted its sales and settlement capabilities to PT DBS Vickers Securities in 1999, plans to bring back those functions and five employees within its own operations. It will hire the employees back from DBS Vickers and add more people, said Sarah-Jane Wagg, head of Indonesian equities in a statement.

UBS, which has been in Indonesia since 1991, now employs nine people in Jakarta.

"Indonesia has made a strong recovery over the last 12 to 18 months and we foresee this is going to continue," said Brad Orgill, head of Asia Pacific Equities. "The currency has been stable for some time and interest rates have decreased markedly." -- Bloomberg