Bank of Yokohama has agreed to acquire a 30% stake in Indonesia-based Bank Resona Perdania for an undisclosed sum.
Additionally, Daido Life Insurance will purchase approximately 15% shares in Perdania, reported Nikkei Asian Review.
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Bank Resona Perdania noted that the proceeds from the share sales will support its expansion into Southeast Asian market. Furthermore, the bank is partially owned by Japan-based Resona Bank,
Resona Perdania investment details
Simultaneously, Resona Bank has also agreed to increase its ownership to nearly 48% from existing 43%. As a result of the three transactions, After the Resona Perdania investment the bank will be more than 90%-Japanese owned.
Indonesia is presenting a lucrative market for foreign financial institutions, backed by fast growing middle-class.
The transaction will be done in part from a subsidiary of Hong Kong’s Bank of East Asia and is scheduled to complete by the end of March.
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By GlobalDataBank Resona Perdania, which was established in 1958, primarily serves Indonesian small and midsize companies as well as Japanese companies operating in the country.
The Bank of Yokohama will gain representation on Perdania’s board and management team.
Bank of Yokohama’s Indonesian investment follows a move this summer by MUFG Bank, Japan’s biggest lender, to double its stake in Bank Danamon.
Resona Bank is part of Resona Holdings and T&D Holdings owns Daido Life.
