Hanwha Life Completes 40% Stake Investment in Indonesia's "Nobu Bank"
Contract Concluded One Year After SPA Signing in May Last Year
On June 30, Hanwha Life announced that it has completed its investment in a 40% stake in Nobu Bank, owned by Lippo Group, Indonesia's sixth-largest conglomerate.
This transaction marks the conclusion of a deal nearly one year after Hanwha Life signed a Share Purchase Agreement (SPA) with Lippo Group in May of last year, aiming to become the first Korean insurance company to enter the overseas banking sector.
Through this investment, Hanwha Financial Group has solidified its position as a global comprehensive financial group by expanding into the banking sector in Indonesia, following its entry into life insurance, non-life insurance, securities, and asset management businesses in the local market.
Hanwha Life plans to drive retail financial innovation in the Indonesian market, where over half of the population is under the age of 30, by combining its digital financial technology with Nobu Bank's local offline sales strategy to target younger customers.
Going forward, the company intends to diversify risks and establish a stable profit base in ways optimized for the local market, leveraging its strategic partnership with Lippo Group. Hanwha Life also plans to expand into comprehensive financial business areas, including the advancement of mobile-centric financial platforms, increased bancassurance synergy, and the development of products tailored to the local market.
As of 2024, Nobu Bank holds total assets of approximately 3 trillion won. Its net profit last year was 27.9 billion won, more than double the previous year's 12 billion won.
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Kim Dongwook, Head of Global Strategy at Hanwha Life, stated, "By becoming the first Korean insurance company to successfully enter the banking sector, we have set a milestone in leading the future financial landscape," and added, "We will continue to build Hanwha Life into a global comprehensive financial group based on digital financial technology and a global network."
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