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Hanwha Investment & Securities revealed it has acquired Ciptadana, an Indonesian financial company that specializes in diverse financial services and products. The takeover is part of the company’s strategy to augment its position in the financial industry in Southeast Asia.
The Korea Economic Daily reported that Hanwha Investment & Securities made the announcement about its latest acquisition on Thursday, June 15. The financial management arm of the Hanhwa Group confirmed it made the decision to buy Ciptadana Securities and Ciptadana Asset Management.
Ciptadana is the sixth-largest financial firm in Indonesia that is affiliated with the Lippo Group, which operates internationally. As part of the deal, the South Korean company will buy 80% of the shares owned by Ciptadana Capital.
Investment is aiming to sign the agreement within six months and then proceed to finalize the buyout as early as this year. Then again, it was noted that before the process of acquisition proceeds, Hanhwa Investment must get the approval of the countries’ respective financial regulators first.
"Indonesia has the fourth largest population in the world and we decided to enter the market due to its high growth potential, with an average age of 30,” Hanhwa Investment & Securities’ chief executive officer, Han Doo Hee, said in a statement. “We will leap forward as a leading digital financial company in Southeast Asia."
Meanwhile, Aplha Kyeongje reported that with the acquisition of the Indonesian securities and asset management firms, Hanhwa Investment will also take steps to turn the company into a digital financial platform that can represent Southeast Asia. Finally, while it is already entering Indonesia through the deal, the company is planning to infiltrate the global market as well, and to do this, Hanhwa Investment was revealed to have set up Pinetree Securities, which is serving as its subsidiary outside of South Korea.
Photo by: Hanhwa Investment & Securities Website
