Woori Card Enters Indonesian Installment Finance Market...Approval for Acquisition of Local Financial Company
Indonesian Financial Authorities Approve Acquisition of 'Batavia Prosperindo Finance'
Second Overseas Subsidiary to Officially Launch Within Q3
[Asia Economy Reporter Yu Je-hoon] Woori Card announced on the 26th that it has received approval from the Indonesian Financial Services Authority (OJK) to acquire the installment finance company 'PT Batavia Prosperindi Finance Tbk.'
PT Batavia Prosperindi Finance Tbk, established in 1994, is a financial company with total assets of approximately 92 million USD and about 1,100 employees. Additionally, the company has established 72 branches across Indonesia and has strengths in installment financing and heavy equipment leasing businesses.
This acquisition approval came three months after the stock purchase agreement (SPA) signed in March, marking the shortest approval period among domestic corporations entering Indonesia. Woori Card explained, "This was possible due to President Kim Jeong-gi's strong determination to enter the market and the cooperation of the 'Korea-ASEAN Financial Cooperation Center' under the Korea-ASEAN Representative Office."
Woori Card plans to complete the equity acquisition deal by the third quarter of this year and officially launch the Indonesian subsidiary as its second overseas subsidiary following Myanmar's Tutu Finance. By entering the high-growth Indonesian market, the company aims to secure new growth engines, further expand its overseas network, and continuously diversify its global business.
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A Woori Card official stated, "Based on domestic installment finance know-how, we plan to strengthen local sales capabilities through planning and selling new installment finance products such as new cars with competitive interest rates," and added, "We will accelerate growth based on synergies with Woori Financial Group affiliates such as Woori Sodara Bank, which entered the market earlier."
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