JAKARTA, RAKYAT NEWS – In a significant move to expand its global financial presence, South Korea’s Hanwha Life Insurance Co. Ltd. has announced plans to acquire a 40% stake in Indonesia’s PT Bank Nationalnobu Tbk. (NOBU), a subsidiary of the Lippo Group owned by Indonesian conglomerate James Riady.

The acquisition, valued at approximately Rp299.13 billion (US$20 million), marks a strategic step for Hanwha Life to strengthen its foothold in Southeast Asia’s growing financial sector.

The deal involves Hanwha Life purchasing 2.99 billion shares of Bank Nobu directly from current shareholders, including PT Putera Mulia Indonesia, PT Multipolar Tbk., and PT Ciptadana Capital, among others.

The transaction, which has been approved by the boards of both companies, is pending approval from Bank Nobu’s shareholders and Indonesia’s Financial Services Authority (OJK). The shareholder meeting is scheduled for March 25, 2025, with regulatory approval expected by late April 2025.

Hanwha Life’s acquisition of Bank Nobu aligns with its broader strategy to become a major player in the global financial market. By integrating its digital capabilities with Lippo Group’s banking expertise, Hanwha aims to create synergies that enhance operational efficiency and customer experience.

This move follows Hanwha’s previous investments in Indonesia, including its acquisition of a majority stake in Lippo General Insurance in 2023.

The acquisition comes amid ongoing merger discussions between Bank Nobu and PT Bank MNC Internasional Tbk. (BABP), owned by Indonesian tycoon Hary Tanoesoedibjo. Initially slated for completion in August 2023, the merger has faced delays, raising questions about its future. OJK has emphasized that such corporate actions should strengthen the banking sector, improve competitiveness, and contribute positively to the national economy.

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