Hanwha Life Signs Stock Purchase Agreement with Indonesia's Nobu Bank

by Choi Donghyeon

Published 06 May.2024 13:12(KST)

Hanwha Life announced on the 6th that it signed a Share Purchase Agreement (SPA) with Lippo Group and Indonesia's Nobu Bank on the 3rd.

The signing ceremony was attended by Seungjoo Yeo, CEO (Vice Chairman) of Hanwha Life, Dongwon Kim, Chief Global Officer (CGO), John Riady, CEO of Lippo Group, Adrian Sherman, CEO of MPC, and other representatives from both companies.

With this agreement, Hanwha Life is nearing the final stages of its entry into the overseas banking sector to become a "global comprehensive financial group." The Hanwha financial affiliates have expanded into banking in Indonesia, following life insurance, non-life insurance, securities, and asset management, completing the last piece of the comprehensive financial license puzzle.

On the 3rd, Yeo Seung-joo, Vice Chairman and CEO of Hanwha Life (second from the left), and Adrian Suherman, MPC CEO of the Refo Group (second from the right), signed the contract while Kim Dong-won, CGO President of Hanwha Life (first from the left), and John Riadi, CEO of the Refo Group (first from the right), looked on.
[Photo by Hanwha Life]

Through this, Hanwha financial affiliates plan to accelerate their global strategy centered on Indonesia, the world's 4th most populous country with 270 million people and an annual GDP growth rate of over 5%.

Seungjoo Yeo, CEO of Hanwha Life, stated, "With the SPA signing of Nobu Bank with Lippo Group, Hanwha Life and Hanwha financial affiliates will leap beyond being Korea's leading life insurer to become a global comprehensive financial group. Through partnership management with Lippo Group, we will maximize synergy by effectively combining our digital capabilities with Lippo Group's banking management expertise."

At this event, both companies promised to strengthen their partnership and deepen their business relationship to achieve mutual growth between the groups.

Going forward, the two companies agreed to support and cooperate in various business areas to discover future growth engines, leveraging not only their infrastructure and networks but also their capabilities, experience, and know-how beyond financial affiliate cooperation such as Nobu Bank.

John Riady, CEO of Lippo Group, said, "Like the long-standing friendship and trust with President Dongwon Kim, I hope the continuous cooperation and positive synergy between the two companies will continue."

The remaining procedures include "application for approval from regulatory authorities in both countries" and "approval from regulatory authorities in both countries."