South Korea's Woori Card to acquire Indonesia's Batavia Prosperindo Finance

South Korea's Woori Card Co. Ltd. received final approval from Indonesia's financial authorities to acquire PT Batavia Prosperindo Finance Tbk, Yonhap News Agency reported June 26.

The Woori Financial Group Inc. unit plans to complete the acquisition and set up a subsidiary in the third quarter of 2022, according to the report. The company will be Woori Card's second overseas unit after TUTU Finance-WCI Myanmar Co. Ltd.

Established in 1994, Jakarta-based Batavia Prosperindo Finance is a medium-sized consumer finance and equipment leasing provider.