Acquisition will give Affin Bank direct majority shareholding of 80% in the Indonesian bank.
Affin Bank Bhd announced on Wednesday its acquisition of an Indonesian bank, PT Bank Ina Perdana, at an estimated price tag of RM138 million ($43.69 million).
To be funded internally, the acquisition is the first for Affin Bank in venturing out of the Malaysian borders, the bank said in a statement on Wednesday.
We are encouraged with the growth potential in Indonesia, especially with PT Bank Ina Perdana's niche positioning as a retail bank in the small and medium enterprise sector," said Affin Bank's managing director and chief executive officer Datuk Zulkiflee Abbas Abdul Hamid.
"This acquisition fits in nicely with Affin Bank's long-term plan to further grow its business and increase its shareholders value," he said.
The synchronisation between Affin Bank and PT Bank Ina Perdana will benefit both banks' clientele and further propel business to the next level, he added.
With the acquisition and subsequent subscription of shares, Affin Bank will have a direct majority shareholding of 80 per cent in PT Bank Ina Perdana, which has 22 branches.
View the full story in Bernama.
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