Hanwha Life acquired a 40 percent stake in Indonesia s Nobu Bank earlier this month, expanding Hanwha s financial portfolio in the Southeast Asian market, the insurance firm announced Monday.
Hanwha Life, a leading Korean insurance company and the life insurance subsidiary of Hanwha Group, has made a strategic move into the Indonesian banking sector through a stake purchase. The company announced on Wednesday that its board had approved acquiring a 40 percent stake in Nobu Bank from Indonesia's Lippo Group, marking the first entry of a Korean insurer into the Indonesian banking industry. The decision.
Hanwha Life will acquire a 40 percent stake in Nobu Bank in Indonesia, under a plan to expand into Southeast Asia and leap as a global financial group.
Insurance companies in Korea are bolstering efforts to expand their business activities in overseas markets in a bid to nurture growth engines as the domestic market has become saturated, according to industry sources.