BANKING
Interest Rate War

Banks are concerned about clients with vast funds at their disposal as deposit interest rates remain high.

April 7, 2009

BENNY Soetrisno’s cellphone, on Monday at the beginning of last month, suddenly rang. On the other end was head of the branch of a national bank inviting the CEO of PT Apac Inti Corpora to save his money in a bank deposit product of the banker, with a relatively exciting interest rate as the lure: 12-13 percent a year. “The bank is hungry for funds,” Benny told Tempo in Jakarta last week.

The interest rate offered to the Deputy Chair of Tr

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