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    HSBC Buys Bulk of Indonesia's Bank Ekonomi

    HotNewsTurkey Staff
    24.10.2008 - 16:28 | Son Güncelleme: 24.10.2008 - 16:28

    HSBC, the UK bank, agreed to buy a majority stake in Indonesia's Bank Ekonomi Raharja for $607.5 million, highlighting the bank's expansion strategy into emerging markets, the Wall Street Journal's Asia website reported on Friday.

    Indonesia, the world's fourth-largest country with a population of 235 million, had economic growth of more than 5.5 percent in each of the past three years, HSBC noted, according to report.

     

    HSBC said Monday that its purchase of 88.89 percent of Bank Ekonomi -- which has 2,200 employees, 86 branches and assets valued at about $1.8 billion -- will nearly double its network to more than 190 outlets in 24 cities across Indonesia.

     

    If the deal is approved, HSBC will be required to keep Bank Ekonomi listed for at least five years.

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