Bank Indonesia, the country’s central bank, has approved South Korea-based Woori Bank’s bid to purchase 33% stake in Bank Saudara.
According to Woori Bank, a sales purchase agreement was signed in June 2012 in relation to the proposed acquisition. Upon completion of the transaction, Woori Bank will become the largest shareholder of Bank Saudara.
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Indonesia-based Bank Saudara has 110 sales offices across the country, having total assets of around $727m with paid-in capital of $51m.
Korean President Park Geun-hye, who visited Indonesia in October 2013, said that, "I hope the ongoing effort by Woori Bank to move into the Indonesian financial services market could be successful as the government approval for the deal is made expeditiously."
Meanwhile, Woori Bank official said with the investment in Bank Saudara they will engage in retail banking focusing on small business owners and low-income families.
"In the future, we hope to create a pan-Asian belt by opening offices in locations such as China, Southeast Asia, and the Middle East," the official added.
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