Indonesia regulators seek banking consolidation

Indonesia might close or merge more than 100 banks within three years in its battle to create a strong financial system, the Indonesian Bank Restructuring Agency (IBRA) said. IBRA will present a blueprint for the consolidation of Indonesia's banking sector to the central bank and the finance ministry in the first quarter of 2001, said Amir Sambodo, adviser to IBRA chairman Edwin Gerungan.

Indonesia's banking system, among the largest in the world, collapsed in 1997 after decades of bad lending