Hanwha Life announced on the 30th that it has secured a major shareholder position, including management rights, by investing in 40% of the equity of Nobu Bank owned by Lippo Group, Indonesia's sixth-largest conglomerate.
This transaction took place approximately a year after Hanwha Life signed a stock purchase agreement (SPA) with Lippo Group in May of last year, aiming to be the first domestic insurer to enter the overseas banking business.
Hanwha Life evaluated, "Through this investment, we have made a full-scale entry into the banking sector following life insurance, property and casualty insurance, and securities and asset management in Indonesia, further solidifying our position as a global comprehensive financial group."
Hanwha Life plans to combine its digital financial technology with Nobu Bank's local offline sales strategy to target young customers in the Indonesian market. It is also planning to upgrade its mobile-centric financial platform, expand bancassurance synergies, and develop localized specialty products as part of its comprehensive financial business expansion.
Kim Dong-wook, head of the global strategy office at Hanwha Life, said, "We have successfully entered the banking sector as the first domestic insurer, setting a milestone that leads the future financial landscape," and noted, "We will continue to develop our identity as a global comprehensive financial group based on digital financial technology and a global network."