Woori Bank buys one third stake of Indonesian bank
(15 June 2012 – Indonesia) South Korea’s Woori Bank plans to buy a 33 percent stake in Indonesia’s Bank Saudara.
Woori unit Bank Woori Indonesia said it signed an acquisition agreement on 8 June to buy 764.4 million shares in Bank Himpunan Saudara, pending regulatory approval.
Bank Saudara told Reuters in late January that it planned to expand in Southeast Asia’s biggest economy by bringing in a strategic investor through a rights issue.
Bank Saudara, which focuses on pensioners and small businesses across the islands of Java and Bali, currently trades at Rp 530 (A$0.05) a share, or 2.8 times price to book value, with a US$139 million (A$139.8 million) market capitalization, according to Thomson Reuters’ Starmine.
Bank Saudara told Reuters in late January that it planned to expand in Southeast Asia’s biggest economy by bringing in a strategic investor through a rights issue.
Bank Saudara, which focuses on pensioners and small businesses across the islands of Java and Bali, currently trades at Rp 530 (A$0.05) a share, or 2.8 times price to book value, with a US$139 million (A$139.8 million) market capitalization, according to Thomson Reuters’ Starmine.
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