Otoritas Jasa Keuangan (OJK), the agency that regulates and supervises the financial services sector in Indonesia, has revoked the licence of The Royal Bank of Scotland N.V. (RBS N.V.) local branch office.

The revocation was done on the request of the lender, which intends to shutter its business networks in 25 countries including Indonesia following mounting losses and instead focus on the UK domestic market.

The Indonesia branch of RBS N.V. began operating in the country under the name ABN AMRO Bank, Indonesia Branch, in 1969. In 2011, the branch was renamed as The Royal Bank of Scotland N.V. after the majority of its shareholding was bought by the Royal Bank of Scotland.

“Until the end of 2014, the branch had always posted operating profits, reflecting its bright business prospects in the country,” OJK said. 

The bank executed the plan to close its Indonesia branch in the second half of 2015, by closing the RBS sub-branch in Surabaya in December 2015. It submitted a request for the licence revocation at the end of August 2016.