SEOUL, December 16 (AJP) - Hanwha Investment & Securities said on Tuesday it has completed the acquisition of Ciptadana Asset Management in Indonesia, strengthening its foothold in Southeast Asia’s fast-growing capital markets.
Ciptadana Asset Management is part of Indonesia’s sixth-largest conglomerate, Lippo Group, and has more than 30 years of experience in the country’s financial sector.
Hanwha agreed in 2023 to acquire an 80 percent stake in both Ciptadana Securities and Ciptadana Asset Management. After completing the takeover of Ciptadana Securities in October last year, the South Korean firm received final approval from Indonesia’s Financial Services Authority for the asset management acquisition.
The transaction was finalized recently, giving Hanwha a dual-track presence in Indonesia across securities brokerage and asset management, Hanwha said.
Hanwha plans to deepen its strategic partnership with Lippo Group and introduce digital asset management solutions tailored to local market conditions and customer needs.
“Ciptadana Securities and Ciptadana Asset Management will play a key role in developing Indonesia’s digital financial ecosystem,” Jang Byung-ho, chief executive officer of Hanwha Investment & Securities, said in a press release. “We will continue to support their growth with the aim of becoming a leader in the ASEAN financial market.”
* This article, published by Economic Daily, was translated by AI and edited by AJP.
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