Indonesia’s Bank Dinar. [Photo provided by Apro Service Group]
South Korea’s savings and loans institution Apro Service Group has acquired Indonesia`s mid-sized lender Bank Dinar to expand its presence in the Indonesian consumer financing market.
Apro Service Group said Thursday that it received a final nod from Indonesia`s Financial Services Authority on its bid to take over Bank Dinar early this month. The Korean firm made a stock purchase agreement with the Indonesian lender in December 2016. It has not disclosed the deal value and other financial details.
Founded in 1990, Bank Dinar has 14 branches and around 200 employees. Its total assets amounted 2.46 trillion Indonesian rupiahs ($162.2 million) in the first half of this year.
Bank Dinar is the second bank that Apro Service Group has acquired in Indonesia. In 2016, the Korean financial group took over Bank Andra and has been running the lender under new name ‘OK Bank Indonesia.’ The group plans to merge the two Indonesian banks and expand its financial services in the country.
Apro Service Group has been making aggressive investments in Indonesia including upgrading OK Bank Indonesia’s computer system. Last month, OK Bank was named as the best bank of Indonesia by local InfoBank Magazine.
By Chung Joo-won and Cho Jeehyun
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