Malaysian banks continue to move into Indonesia
Malaysian banks are continuing to show an interest in the Indonesian sector, with the country’s second smallest operation Affin Bank buying an 80% stake in Bank Ina. Affin was apparently attracted to Ina’s niche positioning and plans to turn the bank into an Islamic lender targeted at small & medium enterprises (SMEs).
Malaysian banking acquisitions have become something of a trend lately, reflecting confidence in Indonesia’s growth and development of the Islamic finance industry in particular. Other recent Malaysian moves south include CIMB Group, Malayan Banking Bhd (Maybank) and RHB Capital Bhd, who bought shares in PT Bank Niaga, PT Bank Internasional Indonesia and PT Bank Mestika Dharma respectively.
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