Foreign investment in commercial banking remains limited to 99% of equity interest, but branches of foreign banks are allowed.
"CHAPTER IV - LICENSING, FORM OF LEGAL ENTITY, AND OWNERSHIP
Part One - Licensing [...]
Article 17
In order to obtain a business license as a Commercial Bank in the form of a joint venture bank, the requirements as referred to in Article 16 paragraph (3) and paragraph (6) must be met, as well as the provisions stipulated in a Government Regulation, which regulates:
a. the amount of permitted foreign ownership and management;
b. parties that are allowed to cooperate;
c. other matters which according to the Monetary Board need to be regulated in the interests of national development.
[...]
Article 20.
(1) A Branch Office, a sub-branch office, and a representative office of a Bank whose head office is domiciled overseas (foreign Bank), may only be established pursuant to a license granted by the Chairmen of Bank Indonesia.
(2) The establishment of a sub-branch office of a bank referred to in paragraph (1) shall be reported to Bank Indonesia.
(3) The requirements and procedures for the establishment of offices as referred to in paragraph (1) and paragraph (2) shall be provided in further detail in a Government Regulation.
(4) The requirements and procedures for the establishment of offices of a Commercial Bank as referred to in paragraph (1), paragraph (2), and paragraph (3) shall be stipulated by Bank Indonesia.
[...]
Part Three - Ownership
Article 22
(1) Commercial Banks can be established by:
a. Indonesian citizens;
b. Indonesian legal entity; or
c. Indonesian citizens and/or Indonesian legal entities with foreign citizens and/or foreign legal entities in partnership.
(2) Further provisions regarding the establishment requirements that must be met by the parties as referred to in paragraph (1) shall be stipulated by the Financial Services Authority.
Article 23
(1) Rural Banks can only be established and owned by Indonesian citizens, Indonesian legal entities whose owners are all Indonesian citizens, local governments, or can be jointly owned by the three of them.
[...]
Article 26
(1) Commercial Banks may issue shares through the stock exchange in Indonesia.
(2) Indonesian citizens, foreign nationals, Indonesian legal entities and/or foreign legal entities may purchase Commercial Bank shares that are sold based on the provisions referred to in paragraph (1).
(3) Foreign citizens and/or foreign legal entities may purchase Commercial Bank shares through the stock exchange, provided that they do not become a majority.
(4) Specifically for state-owned Commercial Banks, the issuance of shares as referred to in paragraph (1) can only be carried out without causing a change in the majority share ownership by the state.
(5) The implementation of the provisions referred to in paragraph (2), paragraph (3), and paragraph (4) shall be further regulated by a Government Regulation. [...]"(Law (No. 7 of 1992 on Banking, as amended [google translation])
-----------------------------------------
"CHAPTER I - GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, what is meant by: [...]
2. Banks with Indonesian legal entities, hereinafter referred to as Bank BHI, are banks that carry out banking business activities in the form of Indonesian legal entities in accordance with the provisions of laws and regulations, including intermediary banks.
3. Branch Offices of Banks Domiciled Overseas, hereinafter referred to as KCBLN, are Banks which are branch offices of banks that are legal entities and have head offices abroad.
[...]
Article 13
(1) Bank BHI is established and/or owned by:
a. Indonesian citizen and/or Indonesian legal entity; or
b. Indonesian citizens and/or Indonesian legal entities with foreign citizens and/or foreign legal entities in partnership.
(2) Ownership by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letter b is at most 99% (ninety nine percent) of the paid-up capital of Bank BHI. [...]"(Financial Services Authority Regulation Number 12/POJK.03/2021 of 2021 on commercial banks [google translation])
-----------------------------------------
"CHAPTER I - GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, what is meant by:
1. Sharia Commercial Banks, hereinafter referred to as Banks, are Banks that carry out business activities based on sharia principles which in their activities provide services in payment traffic.
[...]
Article 12
(1) Bank established and/or owned by:
a. Indonesian citizen and/or Indonesian legal entity;
b. Indonesian citizens and/or Indonesian legal entities with foreign citizens and/or foreign legal entities in partnership; or
c. local government.
(2) Ownership by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letter b is at most 99% (ninety nine percent) of the paid-up capital of the Bank. [...]" (Financial Services Authority Regulation Number 16/POJK.03/2022 of 2022 on Sharia Commercial Banks [google translation])
-----------------------------------------
"Article 9
(1) Sharia Commercial Banks can only be established and/or owned by:
a. Indonesian citizens;
b. Indonesian legal entity;
c. Local government; or
d. Indonesian citizens and/or Indonesian legal entities with foreign citizens and/or foreign legal entities in partnership.
(2) Sharia Rural Banks can only be established and/or owned by:
a. Indonesian citizens and/or Indonesian legal entities wholly owned by Indonesian citizens;
b. Local government; or
c. two or more parties as referred to in letter a and letter b.
(3) The maximum ownership of Islamic Commercial Banks by foreign legal entities is determined in accordance with the provisions of laws and regulations in the field of investment. [...]" (Law Number 21 of 2008 concerning Sharia Banking, as amended [google translation])
-----------------------------------------
Previously (up to 2022)
-----------------------------------------
"CHAPTER I - GENERAL PROVISIONS
Article 1. The terminologies used in this Bank Indonesia Regulation have the following meanings:
1. Bank is Sharia Commercial Bank as referred to in Act Number 21 of 2008 concerning Sharia Banking;
[...]
CHAPTER II - LICENSES
Section One - Establishment of Bank [...]
Article 6. 
(1) A Bank could only be established and owned by: a. Indonesian citizens and/or Indonesian legal entities; b. Indonesian citizens and/or Indonesian legal entities in partnership with foreign citizens and/or foreign legal entities; or c. local governments;
(2) Ownership by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letter b shall not exceed 99% (ninety nine percent) of Bank's paid-up capital." (BANK INDONESIA REGULATION NUMBER: 11/3/PBI/2009 CONCERNING SHARIA COMMERCIAL BAN, as amended K [repealed in 2022 by Financial Services Authority Regulation Number 16/POJK.03/2022 of 2022 on Sharia Commercial Banks])
Law (No. 7 of 1992 on Banking, as amended [google translation]
Financial Services Authority Regulation Number 12/POJK.03/2021 of 2021 on commercial banks [google translation]
Financial Services Authority Regulation Number 16/POJK.03/2022 of 2022 on Sharia Commercial Banks [google translation]
Law Number 21 of 2008 concerning Sharia Banking, as amended [google translation]
BANK INDONESIA REGULATION NUMBER: 11/3/PBI/2009 CONCERNING SHARIA COMMERCIAL BANK, as amended [google translation]
[<a href="https://peraturan.bpk.go.id/Home/Details/46599/uu-no-7-tahun-1992">Law</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/227209/peraturan-ojk-no-12pojk032021-tahun-2021">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/227442/peraturan-ojk-no-16pojk032022-tahun-2022">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/39655/uu-no-21-tahun-2008">Law</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/137019/peraturan-bi-no-1513pbi2013-tahun-2013">Reg</a>]