Citigroup has received approval from the Indonesian stock exchange to commence operations as an equities broker. The seat will enable the PT Citicorp Securities Indonesia to offer local and international clients direct access to the Indonesian stock market.

Citi said that under its Markets business, it has a comprehensive product presence in Indonesia across sales and trading in foreign exchange, fixed income, credit and commodities. It also has an existing on-shore equity research group, which has been expanding since the beginning of this year in anticipation of its seat approval in the Indonesian Stock Exchange (IDX).

Shariq Mukhtar, CCO for Indonesia at Citi, said: “We are already a leading player in the Indonesia capital markets but this new seat will give us the ability to offer our clients better access to the Indonesia stock market. It will also help raise the profile and accessibility of the Indonesian market to global investors.”

Manish Bhai, head of Markets at Citi Indonesia, said: “We are very happy with the IDX membership as the addition of the equity business completes the range of our global markets product platform for our clients.”

Adrian Faure, head of equities Asia Pacific at Citi, said: “Establishing a seat in Indonesia is a natural extension of our footprint and underlines our focus on building out further in the ASEAN markets. It will also make it easier for our clients to invest in the Indonesian market.”