Ivobank is closed

Owners decline FSA requirement for further investment

More clarity on the position of Ivobank has been achieved following a further statement from the online bank, advising that following a 'strategic decision' by the owners - the Indonesian billionaire family Sampoernas - the bank will be closing in an orderly manner.

Apparently the Sampoernas have decided to redeploy their resources to other investments, although banking sources yesterday hinted that the decision may have been spurred by the UK regulator the Financial Services Authority requiring the commitment of further funds to meet solvency levels.

Depositors and merchants will welcome the additional clarity following yesterday's bald announcement that Ivobank was turning away new business without explaining why.

In the latest statement, the online bank said that its services will remain available to existing customers, and again reassured all concerned that account balances were safe and available for withdrawals, transfers or purchases at online sites.

Those of its merchants who have concerns should communicate via their usual contact points at Ivobank or to the bank's regulatory chief, Ian Stevenson at Ian.Stevenson@ivobank.com, the statement advised.

The Sampoernas also own the Mansion online gambling group, but it is understood that this division of the company is not negatively affected by the Ivobank decision.

The closure comes close to the first anniversary of the bank's launch last year.

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