Hanwha Investment & Securities said on the 16th that key procedures for acquiring Indonesia's Ciptadana Asset Management are in the final stage.
Ciptadana Asset Management is an affiliate of Indonesia's sixth-largest business group, the Lippo Group, and a mid-sized financial firm with more than 30 years of history.
Hanwha Investment & Securities said on the 15th that it completed the process of acquiring equity in Ciptadana Asset Management through a regulatory filing.
With this acquisition, Hanwha Investment & Securities said it has secured a dual-track system of securities and asset management in Indonesia, laying the groundwork to strengthen its foothold in the fast-growing Southeast Asian capital markets.
Hanwha Investment & Securities plans to strengthen its strategic partnership with the Lippo Group and provide digital wealth management solutions tailored to the local market and customer needs.
Earlier, in 2023, Hanwha Investment & Securities signed a deal to acquire 80% equity in Ciptadana Securities and Ciptadana Asset Management. After completing the acquisition of Ciptadana Securities in Oct. last year, it received final approval this year from Indonesia's Financial Services Authority (OJK) for the acquisition of Ciptadana Asset Management.
Jang Byung-ho, CEO of Hanwha Investment & Securities, said, "Ciptadana Securities and Ciptadana Asset Management will play a key role in developing Indonesia's digital financial ecosystem," adding, "We will spare no continued support so they can lead the ASEAN financial market beyond Indonesia."