Hanwha Investment & Securities Completes Acquisition of Indonesia's Chiptadana Securities

Hanwha Investment & Securities announced on the 17th that it has completed the acquisition of Indonesia's Chiptadana Securities.

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Chiptadana Securities is a mid-sized financial company with over 30 years of experience and is affiliated with the Lippo Group, the 6th largest conglomerate in Indonesia. Hanwha Investment & Securities signed a contract in 2023 to acquire 80% of Chiptadana Securities' shares and finalized the acquisition process last month after receiving final approval from Indonesian financial authorities.

With this acquisition, Hanwha Investment & Securities has successfully entered the major Southeast Asian financial markets for the third time, following Vietnam and Singapore.

Indonesia, with a population of 280 million, is the fourth largest in the world and is considered a "young powerhouse" with an average age of 29.7. The Organisation for Economic Co-operation and Development (OECD) has forecasted an economic growth rate of 5.1% for this year, making it a market with promising potential for digital financial growth.

Through this acquisition, Hanwha Investment & Securities expects to create synergy by maintaining a collaborative relationship with Indonesia's Lippo Group to build and provide a digital financial platform optimized for the local market. Hanwha Investment & Securities is also pursuing the acquisition of Chiptadana Asset Management and plans to complete it within next year.

Han Doo-hee, CEO of Hanwha Investment & Securities, stated, "Chiptadana Securities will play an important role in the development of Indonesia's digital financial market," adding, "As the largest shareholder and partner, Hanwha Investment & Securities will do its best to help Chiptadana Securities become a leading global financial company representing ASEAN."

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