[Alpha Biz= Paul Lee] June 30, 2025 – SEOUL – Hanwha Life Insurance announced that it has successfully completed the acquisition of a 40% stake in Nobu Bank, a financial subsidiary of Indonesia’s Lippo Group, the country's sixth-largest conglomerate. With this transaction, Hanwha Life has secured management rights and status as a major shareholder.



The acquisition was finalized following a stock purchase agreement (SPA) signed with Lippo Group in May 2024.



This marks the first time a Korean insurance company has taken management control of a foreign bank, setting a significant precedent in the industry.



“We have established a milestone by becoming the first Korean insurer to enter the overseas banking sector with management control,” said Kim Dong-wook, Head of Hanwha Life’s Global Strategy Division. “Leveraging our digital finance capabilities and global network, we will continue shaping the future of financial services as a comprehensive global financial group.”

 

 

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