[Alpha Biz= Reporter Kim Jisun] Hanwha Investment & Securities announced on the 17th that it has completed the acquisition of Indonesia's Ciptadana Securities.

Ciptadana Securities, part of Indonesia's sixth-largest conglomerate, the Lippo Group, is a mid-sized financial firm with over 30 years of experience in the industry. Hanwha Investment & Securities signed an agreement in 2023 to acquire 80% of Ciptadana Securities' shares and finalized the acquisition process at the end of last month after receiving approval from Indonesian financial authorities.

This marks Hanwha Investment & Securities' successful entry into a third major Southeast Asian financial market, following its presence in Vietnam and Singapore.

Indonesia, with a population of 280 million, ranks as the fourth most populous country in the world and boasts a youthful average age of 29.7 years. The OECD has forecasted Indonesia's economic growth rate at 5.1% this year, highlighting the country’s potential for digital financial growth.

Hanwha Investment & Securities expects to create synergies through its collaboration with the Lippo Group, optimizing digital financial platforms and services for the local market.

Additionally, Hanwha Investment & Securities is pursuing the acquisition of Ciptadana Asset Management, with plans to complete the process by next year.

 

 

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