The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Chaos at Danareska paralyzes privatization


Squabbling among Indonesia's politicians
underlies financial chaos

Privatization in Indonesia is being delayed by chaos at its largest investment bank, Danareksa, where 60 bankers have taken voluntary retirement after nearly a year of political infighting. Insiders say the redundancies have stripped Danareksa of key expertise and experience needed to manage mandates to sell government assets.

Along with Bahana Securities, also government-owned, Danareksa has lead-managed virtually all sales of state assets over the past 10 years, normally in tandem with the major US investment banks. The staff problems emerged at the beginning of this year, when Glenn Yusuf, the former CEO, came to the end of his maximum five-year term.

Yusuf is a leading member of the younger professional group of brokers and bankers who emerged during the 1990s in Indonesia. He had built up Danareksa, formerly a staid, bureaucratic, government-owned mutual fund, into the best investment bank in the country, hiring dozens of foreign-trained graduates with international experience and piloting through many major IPOs.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree