(14 July 2006 – Indonesia) Dutch banking giant Rabobank has acquired Indonesian banks Bank Haga and Bank Hagakita.The two banks focus on Indonesia’s SME segment and have a combined network of 78 branches and more than 1500 staff members. The branches are located in Java, Bali and southern Sumatra.
Last week, Rabobank announced it would take a 10 percent stake in China’s United Rural Cooperative Bank of Hangzhou.
Rabobank said the acquisition formed part of its Rabo Development Program, which supports the growth of modern rural banking in developing countries.