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HSBC buys majority in Indonesia’s Bank Ekonomi for US$607.5 mln
HSBC Holdings PLC (LSE: HSBA) said it completed the acquisition of an 88.89 percent stake in Indonesia’s PT Bank Ekonomi Raharja Tbk for US$607.5 million in cash.
Bank Ekonomi is one of the largest providers of SME banking services in Indonesia and will almost double HSBC's presence in the country to 207 outlets in 26 cities.
Chief executive Sandy Flockhart said: “Together with recent investments in Vietnam, Taiwan and India, Bank Ekonomi will increase our presence in the world's fastest growing markets. Indonesia's GDP is forecast to grow by 2.5 percent this year and by 4.5 percent in 2010 - bucking the global downturn and demonstrating the country's emerging strength."
HSBC will be required to make a mandatory tender offer for the remaining 10.11 percent of Bank Ekonomi.
Bank Ekonomi will operate as a separate entity to HSBC's existing Indonesian business and remain listed on the Indonesian stock exchange.
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