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Shinhan Bank buys 2 small Indonesian banks

South Korean bank Shinhan Bank has acquired two small banks in Indonesia. It has acquired 75% holding in Centratama Nasional Bank, while earlier it had obtained the approval of Financial Services Authority (OJK) of the country to buy 40% stake in Bank Metro Express at around Rp 700 billion ($52.51 million). Under existing regulations, a foreign investor can only acquire a maximum 40 percent stake in a local bank. However, the OJK has made it clear that it is ready to grant majority ownership – more than 40% – to foreign investors willing to take over domestic banks, so long as they are committed to purchasing two banks at once and then merging them into one. China Construction Bank is also looking to consolidate two local lenders as part of its efforts to venture into the domestic banking system.

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