S. Korean Bank Buys Bintang Manunggal
South Korea’s Hana Bank, a unit of the Hana Financial Group, has completed its purchase of a majority stake in a small Indonesian bank as part of an expansion drive in Asia.
Hana Bank said it now had a 61-percent interest in Bank Bintang Manunggal. The International Finance Corporation, a unit of the World Bank, holds 19 percent while the local founders own the remainder.
Hana said Bank Bintang Manunggal’s capital base has been raised to US$15 million with a further increase planned.Filed under: