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UPDATE 1-Indonesian panel picks Wimboh Santoso to head financial regulator
June 8, 2017 / 1:21 PM / 6 months ago

UPDATE 1-Indonesian panel picks Wimboh Santoso to head financial regulator

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JAKARTA, June 8 (Reuters) - The Indonesian parliament’s finance commission on Thursday voted for banker Wimboh Santoso to head the financial regulator.

The commission’s choice needs to be endorsed by the wider parliament in a vote on a later date. If approved, Santoso would begin his five-year term in July.

Santoso, who has been president commissioner of state-controlled Bank Mandiri since 2015, was previously a career central banker.

His last position with Bank Indonesia was as the head of its New York branch before he moved to the International Monetary Fund to become the executive director of the Southeast Asia voting group.

The current head of the Financial Services Authority (OJK) is Muliaman Hadad, who has been leading the agency since it was formed in 2012.

Indonesia’s finance industry is estimated to be worth $1.2 trillion. The country has Southeast Asia’s largest economy.

During his fit and proper test on Monday, Santoso said he would direct the OJK’s policies to promote economic growth and equality by using technology.

He also said he would try to diversify investment instruments in Indonesia’s shallow capital market.

Santoso won 50 out of a total 55 votes on Thursday. He ran against banker Sigit Pramono. (Reporting by Hidayat Setiaji; Writing by Gayatri Suroyo and Fransiska Nangoy; Editing by Robert Birsel)

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