South Korean lender Apro Financial has agreed to acquire a 40% stake in Indonesian small lender Bank Andara.
The Seoul-based company will subscribe to 202,923 new shares issued by Bank Andara for an undisclosed sum, according to a prospectus.
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"The purchase will be completed after prerequisites are met, such as the results of fit and proper tests and an acquisition permit issued by the Financial Services Authority [OJK] as well as approval from a shareholders meeting," the prospectus added.
Following the completion of the deal, APRO will become Andara’s largest shareholder.
As of 20 December 2012, US aid agency Mercy Corps with 22% stake was the major shareholder in Bank Andara, the prospectus showed.
World Bank private financing arm International Finance Corporation and ethical investor Hivos-Triodos Fund are Bank Andara’s other existing shareholders.
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