Shinhan Bank unveiled on June 29 that it has acquired a controlling stake in Centratama Nasional Bank, following the acquisition of a 40 percent stake in Jakarta-based Bank Metro Express in April.
Shinhan bought 75 percent stakes in the Indonesian bank, which was founded in 1992 and have 41 sales channels across the eastern region of Java with assets of US$81 million.
Shinhan Bank expects the latest purchase to create synergy in its operation in the country with Bank Metro Express.
Shinhan said it will merge the two Indonesian banks next year to strengthen its operation in the Southeast Asian region, after buying an additional 50 percent share in Bank Metro Express later this year.
Currently, the Korean leading commercial bank operates 74 overseas branches in 16 countries including Hong Kong, Vietnam, and Cambodia.