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Economy in brief: Bank KEB Hana to get Rp 1.3t capital injection
Korea based-private lender Bank KEB Hana Indonesia will receive an additional paid-up capital injection amounting to Rp 1
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orea based-private lender Bank KEB Hana Indonesia will receive an additional paid-up capital injection amounting to Rp 1.3 trillion (US$96.55 million) to support the lender's growth as it aims to be one of Indonesia's top 20 banks. This will bring up the bank's capital to Rp 4.1 trillion as of July.
'The additional capital is to boost all business lines of Bank KEB Hana as we want to be Indonesia's top 20 banks,' Bank KEB Hana chief financial officer Lee Hwa-soo said in a press statement on Wednesday. The lender would focus on developing its consumer and small and medium-enterprise (SME) segments, he added.
As of June 30 this year, Bank KEB Hana had Rp 25 trillion in assets, up 14.3 percent year-to-date from Rp 22 trillion in December last year. Outstanding loans reached Rp 17.5 trillion mid-year, up 16.3 percent from Rp 15 trillion at the end of last year. Sarvesh Suri, the country manager of the International Financial Corporation (IFC), one of the lender's shareholders and a subsidiary of the World Bank, said that Bank KEB Hana was in the right phase to expand its business into new segments.
'As a shareholder, we support the capital injection ['¦] to help the company fulfill rapidly growing financing demands in several segments that are not fully captured [by other lenders] in Indonesia,' Suri said.
