South Korea’s Shinhan Bank has agreed to acquire a controlling stake in Indonesian lender Centratama Nasional Bank (CNB) for an undisclosed sum.
The acquisition of CNB, which operates from 41 locations in Indonesia, will expand the footprint of Shinhan Bank in Indonesia.
Prior to this deal, Shinhan Bank took over Bank Metro Express (BME), which operated from 19 sites in Indonesia.
Plans are on to launch the combined entity of CNB and BME under the name Shinhan Indonesia Bank next year, the South Korean lender said.
The latest move has expanded Shinhan Bank’s footprint in majority of key Southeast Asian markets such as Vietnam, Cambodia, Singapore, Myanmar, India, in addition to Indonesia.