Jakarta. Japanese financial services company Tokyo Century Corporation has acquired a 5 percent stake in Bank Nationalnobu, a small-sized lender controlled by the Lippo Group, Indonesia's largest integrated services group.
The shares were purchased from minority shareholders who acquired their shares before Bank Nobu listed on the Indonesia Stock Exchange (IDX) in 2013, the company said in a statement on Wednesday (30/05).
However, it did not disclose the financial terms of the deal.
The acquisition forms part of Tokyo Century's million-dollar foray into Indonesia's financial industry and digital economy, which will also see it strengthen its strategic partnership with the Lippo Group.
Bank Nobu benefits from the breadth of Lippo's business, which includes township development, retail, shopping centers, hospitals, cable television and internet services.
The lender is currently embarking on a digitization strategy and seeking to increase its capital to more than Rp 3 trillion ($214 million), which will allow it to expand its banking services.
Tokyo Century's shareholders include the Mizuho Group and Itochu Corporation, which are involved in a health care venture with Lippo.
Lippo has invested $150 million in Indonesia over the past 12 months, including $120 million in its digital financial service platform Visionet Indonesia, known for OVO, the country's fastest-growing digital payment service.
The company previously said that it would double the number of OVO users to 20 million this year, thanks to its wide adoption by offline retail outlets in Indonesia, including within the scope of Lippo's ecosystem.
The Jakarta Globe is affiliated with the Lippo Group.