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.

Bank Nobu, part of the Lippo Group, has been a key player in Indonesia’s banking industry, offering a range of financial services. The partnership with Hanwha Life is expected to bolster its digital transformation efforts, leveraging Hanwha’s technological expertise to enhance customer engagement and operational efficiency. This collaboration could also open new opportunities for cross-border financial services.

The deal underscores Hanwha Life’s commitment to expanding its presence in Southeast Asia, a region with significant growth potential in the financial sector. Indonesia, in particular, has been a focal point for foreign investors due to its large population, growing middle class, and increasing digital adoption.

Hanwha’s investment in Bank Nobu reflects its confidence in the country’s economic prospects.

However, the acquisition has sparked discussions about its potential impact on Indonesia’s banking landscape. While some experts view it as a positive step toward consolidating the industry, others have raised concerns about foreign ownership and its implications for local competitors. OJK has reiterated its support for corporate actions that enhance the sector’s resilience and competitiveness.

The partnership between Hanwha Life and Bank Nobu is expected to drive innovation in Indonesia’s financial services sector, particularly in digital banking and insurance. By combining their strengths, the two companies aim to offer more comprehensive and accessible financial solutions to customers, furthering financial inclusion in the region.

As Hanwha Life moves forward with its acquisition plans, the financial world will be watching closely to see how this partnership unfolds. If successful, it could set a precedent for future cross-border collaborations in the banking and insurance sectors, paving the way for greater integration and innovation in the global financial market. (Uki Ruknuddin)

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