S.Korea’s Hanwha Securities to acquire Ciptadana in Indonesia

Hanwha Investment & Securities announced on Thursday that it has decided to acquire Indonesia's Ciptadana Securities and Ciptadana Asset Management.

Ciptadana is Indonesia's sixth-largest financial firm affiliated with Lippo Group. Hanwha Investment & Securities will acquire 80 percent of the shares held by Ciptadana Capital.

Hanwha plans to sign a takeover contract within six months and finalize the acquisition as early as this year after approval by financial authorities in both countries.

Through this acquisition, Hanwha Investment & Securities plans to strengthen its targeting of Southeast Asian markets, where the digital economy is developing rapidly.

Prior to this, Hanwha Investment & Securities entered the Southeast Asian financial market through Pinetree Securities, an overseas subsidiary established to enter the global market.

It acquired local HFT Securities in Vietnam in April 2019, and established a new corporation in Singapore in November of the same year.

"Indonesia has the fourth largest population in the world and we decided to enter the market due to its high growth potential, with an average age of 30. We will leap forward as a leading digital financial company in Southeast Asia," said Han Doo-hee, CEO of Hanwha Investment & Securities.

Write to Byeong-Hoon Yang at hun@hankyung.com