The Hindu Business Line : SBI acquires Indonesian bank

STATE Bank of India has announced that it is picking up 76 per cent stake in an Indonesian bank, PT Bank IndoMonex. SBI will have management control of the bank, which is registered in Jakarta.

This is SBI's third overseas acquisition. The bank had acquired a 51-per cent stake in Indian Ocean International Bank in Mauritius in February for $8 million and a 76-per cent stake in a Kenyan bank, Giro Commercial Bank, for $7 million, in October.

A press release quoting Mr A.K. Purwar, Chairman, State Bank of India, said that the acquisition would give SBI an entry into Indonesia. PT Bank IndoMonex is a closely-held entity and has seven offices in Jakarta, Bandung and Surabaya.

SBI has not disclosed other details of the deal, including the amount paid for the majority stake in the overseas bank.

The press release also quoted Mr Purwar as saying that this acquisition would increase SBI's presence in the ASEAN region where the bank is already present in Singapore.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
PNB wins Golden Peacock award

Rupee plunges; bonds decline

Block deals in HDFC Bank

Oracle gains 400 more clients — Claims 80 pc market pie of core banking applications

Aviva Life in bancassurance tie-up with 11 co-op banks

Tally offers free insurance cover for small businesses

India, Pakistan agree to open bank branches

Rating on ICICI Bank notes

Bank of Baroda keen to expand retail credit

Sharp rise in banks' lending to infrastructure sector

`Review prime lending rate system'

Differences over valuation — Federal Bank, Lord Krishna call off merger plan

SBI acquires Indonesian bank

Bharath Nirman Fund launched

Shome is Citigroup's corporate banking head for India