SSEK Assists On LINE Acquisition Of PT Bank KEB Hana Indonesia Stake.
Legal News & Analysis - Asia Pacific - Indonesia - Corporate/M&A
29 January, 2019
SSEK Legal Consultants has acted as Indonesian counsel to KEB Hana Bank Korea, South Korea’s largest bank by assets, and the largest foreign exchange bank in South Korea, in connection with the acquisition by LINE Corporation, through its subsidiary LINE Financial Asia, of a 20 percent stake in PT Bank KEB Hana Indonesia through a Share Subscription Agreement.
The transaction is expected to allow LINE, one of the most popular messaging platforms in Indonesia, to expand its digital banking services in the largest economy in Southeast Asia, utilizing KEB Hana’s market presence in the country.
The two parties signed the Share Subscription Agreement on October 26, 2018, but closing will only take place once the acquisition is approved by Indonesia’s Financial Services Authority (OJK). The digital banking service is expected to be launched in 2019.
Managing partner Denny Rahmansyah led the SSEK team assisting KEB Hana Bank Korea and PT Bank KEB Hana Indonesia on the transaction, with associates Irwina Annisa, Angky Banggaditya and Syarifah Reihana Fakhry.
Bae, Kim & Lee LLC acted as Korean counsel to KEB Hana Bank Korea.