Hanwha Life announced that it has officially become a major shareholder with management rights in Nobu Bank by acquiring a 40% stake previously held by Indonesia's sixth-largest conglomerate, the Lippo Group.
This marks the completion of a deal initiated in May last year, when Hanwha Life became the first Korean insurer to pursue entry into the overseas banking sector by signing a stock purchase agreement with Lippo Group.
With this investment, Hanwha Financial Group strengthens its position as a global, diversified financial services provider, marking its full entry into Indonesia's banking sector alongside its existing operations in life insurance, non-life insurance, securities, and asset management.
Hanwha Life aims to drive retail financial innovation in Indonesia where over half the population is under 30, by integrating digital financial technology with Nobu Bank’s established offline sales network, targeting the country’s growing base of young consumers.