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Report: Korea Development Bank seeks to buy Indonesian finance company

Korea Development Bank is seeking to acquire Indonesia-based PT Tifa Finance Tbk, The Korea Economic Daily reported Sept. 25, citing industry sources.

The South Korean policy bank has hired Deloitte Anjin LLC to conduct due diligence on the finance company.

The potential deal is expected to be priced at more than 10 billion won, according to the report.

Tifa Financ is listed on Indonesia Stock Exchange and provides leasing, consumer financing and factoring financing services, according to its website.

As of Sept. 24, US$1 was equivalent to 1,195.97 South Korean won.